Hello friends!!!
I am cozy from New york. I am studying Economics from India. This is my first post here and totally confused where to post. As my field of interest is Forex and Economics i thought to share some poli-eco news with you all. I hope all the Forex trader would gain from this. I also expect some some news updates from you all.
USD/JPY – A Fall in Oil Prices Created the Short-Lived Support for the Dollar
Oil prices fell more than $4 a barrel due to Iran's signals of flexibility about its nuclear program revealed from recent negotiations. This combined with the latest profit taking have brought about the dollar's gains.
Yet this rise lost ground as concerns about further writedowns on mortgage-related assets prompted players to trim the gains made by the dollar.
Japanese analysts state that this support was short-lived since the market is shifting its focus toward credit issues, due to concerns about a growth in funding before the summer break, which is characterized by a relatively decreased liquidity.
Oil prices hit a record price of $145.85 last week, but eventually stabilized at $142 a barrel. This had little impact on the dollar which stabilized around 107.07 yen after a fall of 0.1%.
The dollar stabilized at that price after it ranged between 106.66 yen and 107.75 yen throughout the day. Traders believe that this will remain the range for the next few days and that the dollar is likely to stay in a 106-108 yen range this month.
Bye
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Thread: News Trading!!
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08-07-2008, 10:21 AM #1
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