Wednesday, 6 Jan 2010 The USD advanced against most of its counterparts except the Yen Tuesday, as a slew of negative data reduced appetite for riskier assets, and investors turned to the safety of the greenback and the JPY.
The Pending Home Sales report plunged a seasonally adjusted 16% in November from October, pressuring equities and reducing the appeal of riskier assets. The Dollar Index rose to 77.684, up from 77.503 late Monday and 77.34 earlier in the session.
Today, investors' attention will be focused on the release of the FOMC meeting minutes at 19:00 GMT as they will look for any clues regarding rate increases and a timeline for the removal of stimulus and a tightening of monetary policy. Today will also see the release of the ADP Non Farm Payroll Report at 13:15 GMT. This will be a prelude to Friday's highly anticipated Non Farm Employment release. The ISM Non Manufacturing PMI is expected at 15:00 GMT. This eventful day will likely prove very volatile for the greenback and its counterparts.
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