Wednesday, 17 Feb 2010

USD/JPY Records Bullish Trend Ahead of Fed Meeting Minutes

The Euro trimmed its Dollar gains in trading on Wednesday, dropping over 30 pips to its current level of around 1.3706. The Euro recorded its biggest percentage gain against the Dollar since July on Tuesday. As plans to combat Greek debts began to emerge, risk taking resumed among investors causing the Euro to rise. Despite the impressive profits, persistent concerns regarding Greek deficits loomed over the Euro-zone currency. Analysts are predicting EUR/USD to remain steady ahead of the release of the most recent Federal Reserve meeting minutes at 19:00 GMT.

In other news, USD/JPY shot up in trading today breaking several resistance lines to reach its current position of 90.82. Depending on the result of the Fed meeting minutes, the pair could further increase in evening trading. Traders will want to pay attention to what the Fed reports. Any positive news that may indicate that the U.S. is ready to increase interest rates will likely give the Dollar a major boost in trading.