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USD JPY Plunges on Stock Market Weakness

Discussion in 'Forex Daily News & Outlook' started by forextrends24, Aug 11, 2009.

  1. forextrends24

    forextrends24 New Member

    Mar 27, 2009
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    Today’s sample of Forex Analysis from ForexHound.com

    Japanese Yen traders shrugged off discouraging news by the Bank of Japan and instead focused on the U.S. equity markets for direction.

    The BoJ offered no support for the Yen following a rather pessimistic outlook for the Japanese economy. Japanese interest rates were kept at historically low levels while the BoJ felt that a turn around in the global economy would not have a significantly strong effect on the Japanese economy.

    The commentary from the BoJ was really no surprise. Investors had been expecting this sort of news given the recent Japanese economic data. Traders chose today to focus on the U.S. equity markets for direction.

    Read full article at ForexHound.com as well as Forex Analysis, Forex Education and exclusive timely market Gann Analysis

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