The euro hit a five-week high against the US dollar during morning trading today, as confidence that US Congressional leaders will soon reach a deal to avoid the upcoming “fiscal cliff” encouraged risk taking in the marketplace.
Speculations that the Bank of Japan will initiate a new round of monetary easing next month caused the yen to fall against several of its main rivals during the Asian session. The EUR/JPY shot up to a seven-month high while the USD/JPY hit its highest point in one-week.
Main News for Today
Canadian GDP- 13:30 GMT
• Analysts are forecasting the GDP figure to come in at 0.1%, which would represent increased economic activity in Canada
• Any better than expected data could result in gains for the Canadian dollar
Read more forex news on our forex blog
© 2006 by FxYard Ltd
Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.