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Federal Reserve began yesterday its two-day monetary policy meeting

Discussion in 'Forex Daily News & Outlook' started by prav, Jun 28, 2007.

  1. prav

    prav Moderator
    Staff Member

    Apr 28, 2007
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    The Yen gained broadly on Wednesday morning session, as volatile global stock markets and concerns about fallout from the US sub-prime mortgage sector prompted investors to unwind carry trades. The Yen has rebounded from recent multiyear lows with the unwinding of carry trades sparked by worries that sub-prime loan problems could spill into the broader economy. Also, precious metals are being liquidated during the current wave of risk aversion; Gold fell to its lowest in 3 months of 638.90 while Silver hit a 5 months low of 12.1375. Yesterday, the Federal Reserve began a two-day monetary policy meeting. The Fed is widely expected to keep the benchmark interest rate steady at 5.25%.


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