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Dollar finds some upside on EUR, GBP but Yen remains dominant May 9th - Overnight comments from Japan’s finance minister left many traders under the impression that those in Tokyo may be somewhat unhappy with the Yen’s recent rise against the dollar, but central bank intervention against the move seems unlikely. This news did however give traders something to work on through the Asian session with USD/JPY holding not too far off yesterday’s lows. However with tomorrow’s FOMC statement widely awaited, the dollar seems set to remain under pressure unless there are solid suggestions that US economic growth can support further rate hikes in Washington through the summer. Certainly Friday’s non-farm payroll data gave some cause for concern so the market will be looking at today’s US wholesale inventories to see if any directional information can be forthcoming. Both cable and euro-dollar have slipped overnight and whilst both pairs may have been looking a little overbought of late, the fact that we’ve seen the currencies trade within 100 point ranges does suggest that a quick bout of profit taking off recent gains could result in something of a short term bounce. It’s going to be tomorrow before we get the next real directional information but ahead of this expect further volatility to follow… 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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