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Forex Trading |
Focus on JPY and EUR as US markets are closed for holiday. July 4th - With Wall Street closed for the 4th July public holiday and no economic data due for release from the US today, currency traders could be in for a somewhat lacklustre session. Speculation continues that we’ll see a rate hike out of Japan possibly as soon as the end of this week when the BoJ meet to discuss interest rates once again and as a result the Yen has been trending higher against the dollar overnight. Consensus that we’ll see a more hawkish stance from Japan has been furthered on the back of news that the government’s Economic and Fiscal policy minister has gone on record to say that the climate is now right to see a move away from the ultra lax monetary policy that has been prevailing for some time. Elsewhere with economic calendars quiet direction may prove difficult to find although Eurozone PPI will come under some scrutiny. There’s some concern that the run of low interest rates promoted by the ECB may be poised to fuel inflationary pressures now, even though we’ve seen some tightening of monetary policy in recent months. The jury is very much out as to whether we’ll see another quarter point added at the end of the week but with no meeting scheduled for August, a bullish PPI reading today could encourage further buying of the common currency in the short term… Tim Wilbraham and Enis Mehmet Phone USA: + 1 212 644 4220 Phone UK: + 44 207 170 8201 Fax USA: +1 212 644 4222 Website: http://www.cmcmarkets.com
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