Forex Analysis by HM CactusJack, 2010/10/01
A combination of factors left the dollar battered at the end of the trading week. Chinese PMI came in at a market pleasing 53.8. During today's New York Session we saw data reflect further weakness in U.S. Manufacturing. The end result was the USD trading at a 6 month low against the EURO. At the time Of this writing EU is still trading at session highs around 1.3788.
USD/JPY on the other hand has been headed in the opposite direction. This week we have witnessed a steady orderly decline in this pair. Trading each day towards lower support with the average being 20 pips per day. We are all looking for some type of intervention by the BOJ at some point. Today's support level is still intact at 83.20.
Next week brings us a whole new steady stream of news and events that will cause the market to move. Have a nice weekend and we will see you all of you next week.
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