Monday, April 26, 2010

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Forex day trading room, The JPY fell against higher- yielding currencies as signs that a worldwide economic recovery is gaining momentum boosted demand for riskier assets and after a report showed UK house prices rose for a ninth straight month and before data forecast to show the US housing market is stabilizing. The EURJPY increased to 126.11 while AUDJPY increased to 87.61, the highest since September 2008. The USDJPY advanced to its strongest in almost three weeks to 94.31 on speculation the Fed will move closer to withdrawing stimulus measures at its April 27-28 meeting amid signs the US economic recovery is intact. Fed policy makers this week will try to decide how and when to sell mortgage-backed securities and reduce its balance sheet. The US economy probably expanded 3.4% in Q1. The S&P/Case-Shiller home-price index in the US probably increased 1.3%, the first increase since December 2006 according to data to be released tomorrow. In other Asian news, a Bank of Korea report tomorrow will show the economy expanded 7.5% from a year earlier in Q1, the most since 2002 while exports probably increased 32% in April according to a report due on May 1. South Korea's won strengthened to a 19-month high as global funds pumped more money into the nation's shares to profit from accelerating economic growth. USDKRW declined 0.5% to 1,103.63, the weakest since September 2008. The EURUSD fell to 1.3371 and EURJPY was at 125.65 on concern Greece's request for a $60 billion bailout led by the EU will fail to ease investor concerns about the nation's ability to end its fiscal crisis. The currency also slid as investors demand Greece pay almost triple what they charge Germany for its 10-year bonds. Greek Finance Minister George Papaconstantinou told investors they will "lose their shirts" if they bet the cash-strapped nation will default, as his government moved toward securing emergency aid before debt payments come due in mid-May also adding that mone [...]

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