Thu, 05 Mar 2009 05:53:53 +0100

U.s. Dollar Advances Vs. Yen.

In the news: March- 4 Today the U.S. Markets rallied on speculation China will expand efforts to increase growth and U.S. lawmakers will reach an agreement on a plan to stem foreclosures. The S&P 500 rebounded from multi-year lows and some of the Chinese stock markets jumped the most in four months. Treasuries fell, as equity markets moved higher. The Dollar gained versus the Japanese Yen, but did not do well versus other majors, as the uptrend in stocks curved the demand for safe-haven assets. Crude oil jumped $3.53 as crude inventories fell 0.7m barrels, ending the day at $45.17.

USD/JPY-The Dollar continues to gain versus the Japanese Yen as the equity markets rebound from multi-year lows, on the back of a Chinese reassurance to increase efforts to boost growth. The Usd gained 0.48 pips versus the Yen and touching an intra day high of 99.47. We should continue to see the Usd/Jpy heading higher with its next target 100.50/60 highs of November 4th, 2008.