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19Oct

Dollar VS Yen

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Dollar increased versus yen today (19.10.10) after the US Secretary of the Treasury Timothy Geithner declared that the USA continue to remain favorable to the strong national currency.

“Geithner used the phrase of the “strong dollar” for the first time over a long time period “, says Jeff Candrick from Nomura International Plc. “Dollar has slightly grown on that but, nevertheless, you shouldn’t forget that it’s a political game mostly”.

“Geithner‘s comments helped dollar a little”, says Brian Kim, strategist from the UBS AG currency market. “He said there would never be such time for the dollar to be forgotten as the world reserve currency “.

Geithner went to South Korea to take part in the summit of Big Twenty’s countries, where exchange rates and efforts of the government in the matters of the economic plolicies will be discussed . Minister of Finance of Brazil Guido Mantega has recently declared that countries trying to protect their export had to end the ‘currency wars’.

Information published today is especially interesting due to the business optimism index data generated by the German research institute ZEW , which decreased to -7.2 points in October (6th month in a row) versus -4.3 points in September. Despite the fact that the main index stayed at minimum since January 2009, the component of the current conditions increased to 72.6 points (3 year maximum).

EUR/USD showed session maximum at $1.3960 after the issue of ZEW report but the growth was temporary. The tension had soon resembled and the rate went down to $1.3880.

1 comment |

Comments so far.

  1. Posted by Subramanya on Sunday 28th September

    Thanks for the Twitter update. Wondered if i was the only one wiantig for direction. Been wanting to ask you about all the candle tails and whipsaw bars on GBP. Lots of long one min bars (10 or 15 pts) going both directions in one min, especially forex futures running stops? I’ve been trading GBP for 4 yrs; this is something new.

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