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November 21, 2007 - Forex Economic News
New USD lows vs. Euro. Yen rises, carry trades unwind.
The U.S. Federal Reserve released it's FOMC minutes yesterday and the commentary didn't do anything to change the gloominess surrounding the U.S. economy. The Fed cut its growth projections for 2008 which further fueled widespread sentiment that the Fed will cut interest rates again. This has led to record lows for the dollar against the euro and probably more of the same into the near future. The Yen has risen to a 2 year high verses the USD amid carry trade unwinding and risk aversion. Trading rates as of 1pm EST. has the USD/JPY pair around 108.7200 and the EUR/USD at 1.4840.
Read Fed minutes here.
Tags: carry trade unwinding, carry trades, Euro, Federal Reserve, FOMC minutes, Forex, Yen, Forex Trade, USD, JPY ----------------- - - - -Blog index
