Source: ForexYard
The USD/JPY shot up to a fresh 2 ½ year high when markets opened for the week last night, as ongoing speculations that the Bank of Japan will initiate new monetary easing measure continued to weigh down on the yen. After reaching as high as 89.66, the pair took moderate losses and is currently trading at 89.35.
The EUR/USD reached its highest level in almost 11-months last night, as positive growth forecasts for the euro-zone encouraged investors to shift their funds to higher-yielding assets. The news also boosted crude oil prices, which were trading as high as $94.26 a barrel during Asian trading, before a downward correction this morning. The commodity is currently trading at $93.90.
Main News for Today
US Fed Chairman Bernanke Speaks- 21:00 GMT
• The dollar may be able to recoup some of its recent losses against higher-yielding currencies, like the euro and Swiss franc, if the Fed Chairman voices optimism with regards to the US economic recovery
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