Update USD, EUR, JPY
EUR, USD, JPY,
The US Federal Reserve Wednesday kept in place its monthly $85-B bond-buying stimulus plan, saying the support is needed to lower unemployment.
The Fed’s pledge to support the economy with easy money policies boosted sentiment, but put the USD on the defensive.
The USD eased 0.2 percent to 90.93 Yen, off Wednesday’s 91.41 Yen which was its highest since June 2010.
The EUR steadied near 123.53 yen, after hitting 123.87 Wednesday, its peak from May 2010.
A firmer JPY weighed on Japan’s benchmark Nikkei stock average .N225, but the market managed to wipe out earlier losses to close up 0.2 % at a 33-month high.
Japan’s Dec factory output rose at the fastest pace in 18 months, and firms expect further gains, raising hopes that stabilizing global demand and exports will help pull the economy from its slump.
The EUR held near a 14-month high of $1.3588 marked Wednesday. EUR/USD could rise to $1.37.
Europe is not out of its crisis, there is lots of uncertainty out there, but there has been enough stabilization to encourage some investors to return.
Reports from the Eurozone Wednesday showed economic sentiment improving more than expected across all sectors in January and a gauge for the phase of the business cycle also rising in January.
Spot Gold hovered near its one-week high of 1,683.39 oz reached Wednesday. A weak JPY pushed the most active Gold contract on the Tokyo Commodity Exchange to a record high of 4,944 Yen a gram Thursday.
US Crude futures steadied around 97.96, and Brent Crude was up to a more than 3 month high above 115.
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Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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