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Daily Market News By FXNET
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[QUOTE="FxNet, post: 57668, member: 19407"] Market Report 20-01-2014 Asian Session - Yen bounces against US dollar The yen recovered some losses against the US dollar during Asian trading hours. The Bank of Japan policy meeting will be a key risk event for the yen. Speculation that the central bank may hold off more easing is helping the currency rise against all its major peers today, while a decline in Asian stocks boosted its allure as a haven. USDJPY saw weakness early in the session, dipping down to just below the key 104.00 yen level before moving back up to 104.15. EURJPY fell from 141.11 to 140.33 before bouncing to around 140.60. The dollar however made gains versus the euro, reaching its strongest level since November. Lending support to the dollar is the fact that many expect the Federal Reserve to continue with tapering. EURUSD drifted off early in Tokyo, but then there were small moves, as is often the case in this timezone. After a brief drop to 1.3506, the pair steadied above 1.3525. The pound edged slightly lower against the dollar but remained buoyed following a good UK retail sales report on Friday. GBPUSD opened in Asia at 1.6416 and headed higher at the end of the session towards 1.6430. AUDUSD opened in Asia at 0.8780 and traded heavy but sideways between 0.8756-80 initially. The relatively good China GDP data for the fourth quarter managed to give a leg up for the aussie, which rose to 0.8805. China is a major trading partner for Australia so any Chinese data are important for the AUD. Today is a public holiday in the United States, so trading in USD especially in the US session will be quiet. [/QUOTE]
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