Source: ForexYard
The Japanese yen rallied against its main currency rivals last night, after a significantly smaller than expected new round of asset purchases was initiated by the Bank of Japan. The USD/JPY fell more than 40 pips after the announcement was made, eventually trading as low as 79.26.
The euro saw gains against several of its main rivals during morning trading, as expectations that Spain will soon request a bailout package led to some risk taking in the marketplace. The EUR/USD, currently trading around the 1.2940 level, has spiked more than 50 pips since 6:00 GMT.
Today, traders will want to note that US markets will remain closed due to Hurricane Sandy.
Main News for Today
Italian 10-year Bond Auction
• Should the bond auction signal that Italian borrowing costs have fallen, the euro may be able to extend this morning’s bullish run
US CB Consumer Confidence-Postponed
• The announcement of this indicator has been postponed due to the hurricane which is currently hitting the eastern United States
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