Wednesday, February 21, 2007

Forex News: 21.02.2007 Interest rate in Japan is going to support major currency pairs against yen

“Japan increased its interest rate by 0.5%, which created intensive yen volatility, in particular, in yen crosses. GBP/JPY rose in the initial minutes by 235.70 and fell later by 233.85, while at the moment it is traded at 235.95”, Sergey Popov, NorthFinance financial analyst comments.

“The decision to rise interest rate in Japan is most likely to support major currencies against yen. The most interesting event will be the achievement of GBP/GPY, which may rise by 240yen per pound by the end of the week. This movement will be also supported by the consolidation of British currency toward American dollar.

As for macroeconomic indicators, today current account in the euro area as well as the consumer price index in the USA is interesting.

The market participants will pay attention to FOMC meeting decision, which takes place at 10p.m. (Moscow time). The analysts expect that the members of the committee will speak of US economy, paces and directions of its development. Probably, Bernanke won’t be successful in persuading the market participants of stable economic development in the US. This may heavily influence American currency. ”

Today EUR/USD aims at 1.32, under the circumstances and closing at 1.3220, the pair will form new level 1.3150-1.3170, which may remain for several months.

Gold prices changed to $660/oz, which is an expected correction from the level of $670 and, perhaps, the top of the figure “head - shoulders”, which is formed during day diagrams”, NorthFinance analyst admits.


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