Forex: USD/JPY rebounds at 90.70 and falls to 90.40

By IBTimes Staff Reporter | November 02 2009 11:12 AM

FXstreet.com (Córdoba) - The Yen weakened across the board after better-than-expected manufacturing data in the United States. USD/JPY jumped from 90.15 to 90.69 posting a fresh intra-day high. The pair rebounded at the highs and pulled back to the 90.40 zone. Currently trades at 90.41/44, 0.83% above today's opening price. The downside rally of the Yen across the board eased in the last hour.

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Valeria Bednarik, collaborator at FXstreet.com affirms: After market has hesitated since Asia opening, U.S. better than expected data finally decided dollar destiny: the safe haven along with it's counterpart the Japanese yen are falling heavily with Wall Street strongly up and gold reaching 1060/oz, after the release of better than expected ISM PMI that hit 55.7, while Pending Home Sales rose above expectation 6.1%. Ahead of a week fulfill by critical economic data, that includes the policy meeting of 3 central banks, Australia, ECB and BOE, and U.S Non Farm Payrolls, risk appetite has seems to resume. However, expect markets to stretch as key data approach.

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