Source: ForexYard
The yen dropped to a 6 ½ month low against the US dollar in early morning trading today, after Japan’s opposition party leader, who is now favored to win in elections next month, said that he favored a policy of additional monetary easing. The USD/JPY, which currently stands at 80.83, has gained more than 100 pips in the last 24 hours.
The euro saw very modest gains against the dollar during Asian trading, as investors remained cautiously optimistic that Greece will receive a new round of bailout funds. The pair is currently at 1.2736, up close to 20 pips since last night.
Main News for Today
US Core CPI- 13:30 GMT
• Forecasted to come in at 0.1%
• Any worse than expected news could result in the dollar taking further losses against the euro
US Unemployment Claims- 13:30 GMT
• Forecasted to come in at 372K, slightly higher than last week
• Any higher than expected data may result in dollar losses
US Philly Fed Manufacturing Index- 15:00 GMT
• Forecasted to come in at 1.1, well below last month’s figure of 5.7
• If the figure comes in above expectations, the dollar could extend its gains against the yen
US Crude Oil Inventories- 16:00 GMT
• Forecasted to come in at 2.5M
• A higher than expected figure could result in the price of crude oil falling during evening trading
US Fed Chairman Bernanke Speaks- 18:20 GMT
• Due to speak about the US housing market
• If the Fed chairman speaks optimistically about the US housing recovery, the dollar could see gains
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