Daily FX Wrap Up

The Dollar held steady against major currencies as the Greenback continues to look for direction. Many traders are expecting a large move after this period of consolidation has ended. Moving to the land of the rising sun, the Japanese Yen is looking quite bullish from a number of different angles. First, the Russian Central Bank announced that it was adding the Yen and possibly other currencies to its foreign exchange reserves. Next, the Tokyo Stock Exchange closed up 156.22 points, or 0.94%, at 16,692.76- the best finish since May 11th. This surge in Japanese stocks could see an increase in investment from overseas investors, further supporting the Yen. Tomorrow morning will see the release of the PPI figures for September, with traders looking for an decline of 0.7% on the headline number and an increase of 0.2% for the “core” figure. XPRESSTRADE Analyst David Hilgeman