The upcoming Easter holiday weekend and a slew of earnings reports by US financial institutions next week made the FX markets look stuck in the mud today as the ranges were small and the excitement sparse. The Yen lost some of the ground it made in late NY trading despite surprisingly decent Machinery Orders data, with USD/JPY drifting above 100.00 briefly to post a net gain of about 20 pips for the session. Rumors out of Japan are that the upcoming stimulus package could be worth up to 15 trillion yen. EUR/JPY was slightly higher, moving in a 54 pip range between 132.01 and 132.55. The EUR/USD was even more lackluster, stuck in 39 pip sideways range despite bad news out of the UK Times stating that Germany’s economy was second only to Japan in weakness. Full text »
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