Daily FX Wrap Up

USD/JPY sold off sharply today to close near the 116.90 level. Last night and in early morning trading, the pair touched 118.05 and quickly took a 135 point dive to a low near 116.65. This push was caused by in part by the combined effects of a plummeting Consumer Confidence Level coupled with another weak Manufacturing Activity Report. Also from the charts, the Euro printed its biggest move against the greenback in nearly a month. A 70-point breakout in the hour following the news release pushed the pair all the way to 1.2780 to add two new notches to its belt, breaking through tough resistance at the 1.2750 level and marking a new monthly high in the process.Finally, the British pound, already sitting at levels seen as significant resistance, joined the advance. GBP / USD rose 140 points to stall just shy of 1.9100, while printing its highest mark in almost 3 months.