Source: ForexYard
The Japanese yen fell to a 16-month low against the euro and a fresh 20-month low against the US dollar during the overnight session, amid continued speculations that the Bank of Japan will soon initiate an aggressive monetary easing policy.
After falling close to $30 an ounce during afternoon trading yesterday amid signs of progress in US budget talks, gold was able to stage a modest upward recovery last night. The precious metal is currently trading at $1673.
Positive developments in the US budget talks also helped the euro stay within reach of a recent 7 ½ month high during overnight trading. The EUR/USD is currently trading at 1.3235.
Main News for Today
German Ifo Business Climate- 09:00 GMT
• The business climate figure is forecasted to come in slightly higher than last month’s
• A better than expected figure could help the euro extend its current bullish trend
US Building Permits- 13:30 GMT
• Expected to come in at 0.88M, slightly higher than last month’s 0.87M
• Better than expected news could help the dollar recoup some of its recent losses during afternoon trading
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