FX Daily Wrap Up

As the FOREX week comes to an end, one can’t help but notice the US Dollar holding onto its current gains. From the beginning of January, a 400-pip rally against the Euro has given many traders a bright start to the New Year. Positive economic data, including a substantial job increase and increased exports, is only part of the reason the bulls are in control. Today, Chief Cabinet Secretary Shiozaki’s commentary on the Japanese currency weighed heavily on the market. Japan has decided to hold steady at a current rate of 0.25 percent despite internal and market pressures – it appears that the Bank of Japan has its own agenda and will not be swayed by popular opinion. As the week closes, the Yen is trading at 129.15 versus the USD. Have a great weekend. XPRESSTRADE Analyst David Hilgeman