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After corrective pullbacks saw the pair declining through the 91.86 level, its Dec 22’09 high to close lower at 91.54 on Tuesday, USDJPY was seen backing off lower level prices and trading to as high as 92.36 in early trading today. This development has temporarily halted its decline off the…

Early forex trading was shaped by a pair of events, neither of which is ultimately likely to remain forceful later in the day. The stepping down of Japanese Finance Minister, Hirohisa Fujii is one of those events feared more during its formation than in its aftermath. Mounting speculation had surrounded…

Thursday’s BOE will be a non-event as MPC members will likely discuss about change in monetary policy in February, the month when the quarterly Inflation Report is published. In short, policymakers should keep the policy rate at 0.5% and the size of the asset purchase program at 200B pounds.

Today, the world’s superpower institute of supply management will release its services monthly survey that is highly forecasted to show signs of improvement and recovery from the ongoing downside pressures of the recession, alongside with slender signs of revival witnessed throughout the present deteriorated labor market.

ECB’s Stark was quoted as saying that the E.U. “will not save Greece”.

This comment led to a sharp decline in the Euro as Eur/Usd made new lows at 1.4291.

The European open brought a strong wave of long U.S. dollar orders into the market that shortly after hitting, were reversed, and now the major pairs are trading near Wednesday?s opening prices. As seen recently, the Usd/Jpy traded on its own momentum, and ignored everything else that happened in the…

Cable rose during the day towards 1.6064 and has fallen again since then – the very characteristic of bearishness. Every rise is being sold into. It may today fall further towards the Projected Max Low for the day which is at 1.5891. Overall, it is likely to come down towards…

* Times listed are GMT

Early comments from the ECB?s Stark that the rest of the EU will not rescue Greece if its fiscal position worsens chased the EUR significantly lower just ahead of the European open. EUR/USD hit a low of 1.4290 before buyers leapt in to support the EUR. Not only have comments…

Dollar/Yen continued moving downwards on Tuesday from the 92.49 point, reaching a bottom at 91.31, and closing the day at 91.70. This morning, however, Dollar started correcting upwards against the Yen, which should not come as a surprise after the deep drop from the beginning of the week. Our preferable…