Source: ForexYard
The euro hit a five-week high against the US dollar during morning trading today, as confidence that US Congressional leaders will soon reach a deal to avoid the upcoming “fiscal cliff” encouraged risk taking in the marketplace.
Speculations that the Bank of Japan will initiate a new round of monetary easing next month caused the yen to fall against several of its main rivals during the Asian session. The EUR/JPY shot up to a seven-month high while the USD/JPY hit its highest point in one-week.
Main News for Today
Canadian GDP- 13:30 GMT
• Analysts are forecasting the GDP figure to come in at 0.1%, which would represent increased economic activity in Canada
• Any better than expected data could result in gains for the Canadian dollar
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