Risk Appetite and Data Support Crudes Surge to New Highs Yet Conviction Does Not Hold
Risk appetite, macro data and supply-and-demand statistics seemed to align for bullish crude traders. Yet despite begin given the fundamental green light (and notably still backed by impressive buying momentum over the past month), the active crude futures contract on the NYMEX was forced to retrace its morning thrust to a fresh, eight-week high just above $83. Whether using a fundamental, technical,
North American Commodity Update
DailyFX provides forex news on the economic reports and political events that influence the currency market.
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New Zealand Dollar Correction Complete
An flat correction may be complete in the NZDUSD from 6804. Favor the downside against 7107. 7020/50 is potential resistance.
An A-B-C correction may be complete in the NZDUSD (as a flat) from 6804. Favor the downside against 7107. 7020/50 is potential resistance.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to jsaettele@dailyfx.com.
DailyFX provides forex news on the economic reports and political events that influence the currency market.
Learn currency trading with a free practice account and charts from FXCM.
Understanding Foreign Exchange Rollover
In this article we make an attempt to demystify foreign exchange overnight rollovers. In particular, we try to explain how rolls work by highlighting the differences between central bank benchmark risk-free rates and interbank offered rates.
Foreign exchange rollover, what is it?
Click here for PDF Version
Rollover is the interest paid or earned for holding a currency spot position overnight. Each currency has an overnight interbank interest rate associated with it, and because forex is traded in pairs, every trade involves not only 2 different currencies but also two different interest rates. However, unlike what many traders think, foreign exchange rolls are not based on central bank rates. Instead, forex rolls are constructed using forward points which are mostly based on overnight interest rates at which banks borrow unsecured funds from other banks. After all, the foreign exchange market works over-the-counter. Market and spot trades need to be settled and rolled forward every day. If the interest rate on the currency you bought is higher than the interest rate of the currency you sold, you will earn a positive roll. If the interest rate on the currency you bought is lower than the interest rate on the currency you sold, then you will pay rollover. You can learn more at http://www.fxcm.com/collect-positive-rolls.jsp
Currently, most forex rolls are low and some are even negative, why?
In the last two years, central banks around the world took a number of measures to increase liquidity and stabilize financial markets. Among the actions taken by central bankers was a significant reduction in overnight lending rates and major injections of capital into the banking system. Eventually, after restoring some confidence on the financial system, central bankers succeeded in bringing down interbank rates. In other words, it became cheaper for banks to lend money between themselves. However, it also meant that the interest paid or earned for holding a currency position overnight would be significantly lower. In this situation, it may happen that both rolls for buying and selling currencies are negative because banks and other foreign exchange market players charge a small spread on interest paid or earned.
How do carry trades work?
Traders looking to “earn carry” will buy a high-yielding currency while simultaneously selling a low-yielding currency. So, assuming the exchange rate remains constant, an investor is able to earn the difference in interest between the two currencies. The foreign exchange carry trade has a successful track record that goes back more than 25 years. However, the recent shift in the world’s financial markets towards lower interest rates and higher risk aversion makes it more difficult to make successful carry trades.
When is rollover booked?
5 pm in New York is considered the beginning and end of the forex trading day. Any positions that are open at 5 pm sharp are considered to be held overnight, and are subject to rollover. A position opened at 5:01 pm is not subject to rollover until the next day, while a position opened at 4:59 pm is subject to rollover at 5 pm. A credit or debit for each position open at 5 pm generally appears on your account within an hour, and is applied directly to your accounts balance.
How do banks account for Weekends and Holidays?
Most banks across the globe are closed on Saturdays and Sundays, so there is no rollover on these days, but most banks still apply interest for those two days. To account for that, the forex market books 3 days of rollover on Wednesdays, which makes a typical Wednesday rollover three times the amount on Tuesday. There is no rollover on holidays, but an extra days worth of rollover usually occurs 2 business days before the holiday. Typically, holiday rollover happens if either of the currencies in the pair has a major holiday. So, for Independence Day in the USA, which is on July 4, when American banks are closed an an extra day of rollover is added at 5 pm on July 1 for all US dollar pairs.
You can view how rollover is counted for holidays using our Rollover Calendar Page.
Why should you invest in currencies, even with low interest rates?
Even though, making carry trades has been less appealing over the last few months, the currency market is still one of the best places to invest. After all, the forex market is still the most liquid financial market in the world with an average daily volume of over US$3 trillion, according to the Bank for International Settlements. This is more than three times the total daily volume of the stocks and futures markets combined. Moreover, with a no-dealing-desk forex broker, every trade is executed back-to-back with one the world’s premier banks which compete to provide your broker with the best bid and ask prices. This competition between banks can reduce the potential for market manipulation by price providers.
Written by Antonio Sousa, Chief Strategist for DailyFX, asousa@fxcm.com
DailyFX provides forex news on the economic reports and political events that influence the currency market.
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Dollar Congestion Sets in as Sentiment, Policy Forecast Stabilize
The Financial and Capital Markets
Without a clear fundamental catalyst to set speculators in the pursuit of yield or fleeing from a potential financial crisis, the market is left to its own devices. It seems in this period of ‘down-time’ that the risk appetite has established a clear trend. However, this advance has developed within the boundaries of much more influential levels. Therefore, risk appetite is allowed to appreciate (or risk aversion allowed to deflate) market values so long as it doesn’t take the critical step to establish a new and consequential trend. As such, advances in the Dow Jones Industrial Average and crude among others have occurred without a meaningful realignment of risk tolerance. This is a discouraging theory to adapt to the rebound in 2009 as it suggests a reversal is simply a bounce. To truly reestablish a bull trend that enjoys notable progress over a number of years, a number of hurdles will have to be overcome. The very basis for a recovery in markets is first and foremost the responsibility of economic activity. Beyond expansion’s influence, the rollback of government stimulus, the burden of extreme fiscal deficits and the availability of credit (leverage) are critical obstacles to deal with. In the meantime, more immediate and global threats like China actively cooling its markets, Greece’s ailments spreading across Europe or even ill-placed regulation could impact the markets in the near-future.
How Bullish is a Crude Advance that is Derived from the Weakest Level of Activity since 2007?
Though it has been small consolation to traders, setting fresh eight-weeks high has imbued crude with a sense of activity. However, removing this moderate accomplishment (besides, $84 is a far greater level when it comes to psychological weight), we are left with a notable bullish bias that has directed the market for nearly five weeks now.
North American Commodity Update
Commodities – Energy
Crude Oil (LS NYMEX) – $82.11 // $0.02 // 0.02%
Though it has been small consolation to traders, setting fresh eight-weeks high has imbued crude with a sense of activity. However, removing this moderate accomplishment (besides, $84 is a far greater level when it comes to psychological weight), we are left with a notable bullish bias that has directed the market for nearly five weeks now. However, even this is marred by the lack of momentum and general activity that characterizes speculators interest. In fact, the look at volume on the NYMEX for the active WTI futures contract shows today’s turnover of approximately 249,000 contracts is the lowest reading on activity since before the last contract rollover. Moreover, an assessment of the running 20-day average true range reveals activity in this commodity is at its lowest level since September of 2007. On the one hand, this speaks to a market that is directionless when it comes to risk appetite and utility return on relative asset classes. Yet, as the same time, such an extreme also suggests a reversion to a mean. What is the mean? An increase in volatility. And, an increase in activity significantly increases the probability of a new trend.
There was plenty of scheduled event risk to cross the wires this morning and alter investors’ perception of future supply-and-demand in the energy market. Though, little of it would actually feed through into price action. Early in the day, China (the world’s second largest energy consumer) reported a remarkable increase in industrial production, retail sale and lending. All told, this points to a robust demand for the fuel to keep such a trend up. However, market participants are well aware of officials’ desire to cool economic activity in the economy and prevent a disastrous implosion of burgeoning asset bubble. In the US, trade data seemed to show an improved balance; but a drop in imports actually speaks to a drop in demand. Particularly discouraging for oil traders was the fact that crude imports fell to its lowest level in a decade. Perhaps Friday’s data can offer a clearer draw on direction and pace. The combination of retail sales and the University of Michigan’s consumer confidence survey will offer a good assessment of health for the economy’s largest donor to output. And, keeping track of the quantifiable reads for supply and demand, it is important to repeat the trends (not the weekly changes) for this past week’s readings. US crude inventories have grown for the longest period since May to 353 million barrels – itself an August high. At the same time, OPEC upgraded its global consumption forecast by 190,000 barrels to a rate of 28.94 million per day
A Stalled Dollar and Equities Keep Gold Buffered to Risk and Safe Haven Appeal
Spot Gold – $1,109.50 // $1.09 // 0.10%
Gold ran through all of the good will that its speculative facet could muster. Like the Dow Jones Industrial Average, US dollar and crude; this commodity has reached a level that has sapped conviction of trend and forced traders to evaluate their confidence of a global bull-market. However, where there are clear technical boundaries (like a yearly swing high for the Dow or congestion band on EURUSD) there are few definitive levels for the yellow metal. The same inelegant pace and circumstances are mirrored for the fundamental factors that account for price action. For its appeal as a speculative asset, the metal has seen little impetus one way or the other from other benchmarks for risk appetite. Given the dollar’s stability over the past month, there is little movement coming from the commodity’s status as a hedge to this deeply liquid currency. If there is a ‘hedge’ aspect that really develops for this popular asset, it will be as an alternative store of wealth to fiat currency itself. Ballooning government deficits, limited growth projections and inflation threats all work to diminish the appeal of paper money. However, in the short-term, gold bugs’ eyes remain on the speculative front. Spot Silver – $17.17 // $0.15 // 0.88%
Silver cut a very restrained range Thursday; but an intraday, bullish reversal would prevent a seven-day low from turning into a true bear wave. Congestion has notably taken over for the metal and threatens to fully offset the bullish momentum the market has enjoyed since the beginning of February. However, with speculative-linked benchmarks like the Dow running into overhead resistance, there is little in the way of a fundamental crosswind for the silver to move on. Looking to the US dollar, there is certainly little impetus to come through that normally active link given the currency’s long-term congestion.
DailyFX provides forex news on the economic reports and political events that influence the currency market.
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New Zealand Retailing Outperforms on Fuel, Car Sales
New Zealand Retail Sales added 0.8 percent in January, topping expectations of a 0.5 percent increase amid strong gains in fuel and car sales. Indeed, excluding auto-related goods, sales rose by a far more modest 0.3 percent, with gains driven by spending on recreational goods and hotel stays. Looking at the overall trend in retail activity, sales gained 2.3 percent in the 12 months from January 2009 marking the third consecutive increase in the annual growth rate. Receipts may suffer a setback going forward however after a metric of consumer confidence from ANZ National Bank and Roy Morgan Research dropped 7.8 percent in February.
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DailyFX provides forex news on the economic reports and political events that influence the currency market.
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Dollar Settles as Confidence and Retail Sales Data Offers a Last Chance for Volatility this Week
o Dollar Settles as Confidence and Retail Sales Data Offers a Last Chance for Volatility this Week
o Canadian Dollar Recovers on Trade and Housing Data, Looks to Jobs Data for a Breakout
o Euro Discomforted by Policy Makers Doubts and Reservations
o New Zealand Dollar Fails to Generate the Same Volatility on Retail Sales that the RBNZ Mustered
Dollar Settles as Confidence and Retail Sales Data Offers a Last Chance for Volatility this Week
Without an incendiary mix of scheduled economic event risk, the US dollar possessed little chance of forging meaningful volatility – much less a new trend – through Thursday’s session. In fact, taking a look at the average range of the past 20 days; we see that the Dollar Index is very near its lowest level of activity since August of 2008. However, this isn’t just an affliction for the US dollar. A similar measure of movement for the Dow Jones Industrial Average is at an eight week low while for crude is the most sedate it has been since September of 2007. This is a universal condition; and the correlation points to one cause: a lack of conviction in investor sentiment trends. However, this remarkable level of stability evokes another glaring implication: that the markets themselves are currently at an extreme level of inactivity; and the probability that they will revert to a mean grows with each passing day. If it were the case that there was no fodder to establish a new trend, then we would simply be waiting for a scheduled or exogenous event to shake us out of complacency. However, that is not the case. In fact, concerns over the financial stability of the market have actually increased over recent weeks and even the past 24 hours. In China, a deep round of economic data included a 16-month high for inflation figures and a sharp jump in new loans. Already struggling to prevent an asset bubble from bursting, it looks like policy officials may lose this battle. In Europe, assurances that the worst for Greece has passed ring hollow as nationwide strikes hint at the economic effects deep budget cuts will have for years to come. And, even in the United States, the record deficit is projected to balloon even further, the government is rolling back support and banks are not filtering government money into the economy. This is a powder keg looking for a spark.
Despite the reserved level of volatility for the dollar, it is important to continually process its fundamental health to see where it lies on the risk spectrum when things are once again moving. No doubt the greenback still retains its appeal as a safe haven; but what about its position as a funding currency? Extending the lead the US three-month Libor rate (a benchmark for market yields) has over its Japanese counterpart; the outlook for policy tightening has also leveraged a considerable advantage for the dollar over its European counterparts. Overnight index swaps from Credit Suisse reveal the market is pricing in 80 bps worth of hikes over the 12 months for the FOMC compared to 69 bps for the ECB, 49 bps for the BoE and 36 bps for the SNB. Add to that equation that the fiscal conditions will require adjustments that will further drag on the European recovery (more so than the US); and a currency that was the most prolific lending currency a year ago is now one of the best investment currencies. Today’s event risk would have a mixed impact on this longer-term outlook though. The January trade deficit unexpectedly contracted to $37.3 billion from its previous one-year low. On the other hand, the first drop in exports in nine months is discouraging and a drop in imports suggests Americans are cutting back on their spending. Another notable report would come from the Fed, which reported household wealth rose for the third consecutive quarter through the end of 2009; though consumer borrowing fell for the first time on record through the year. Perhaps the focus on the consumer with tomorrow’s retail sales and University of Michigan confidence survey will encourage volatility.
Related: Discuss the US Dollar in the DailyFX Forum, Dollar Congestion Sets in as Sentiment, Policy Forecast Stabilize
Canadian Dollar Recovers on Trade and Housing Data, Looks to Jobs Data for a Breakout
A round of relatively in-line but notable event risk would contribute relatively little to Canadian dollar price action. Yet, it was enough of a push to tip USDCAD to its 10th consecutive daily loss. There has been only one instance over the past 10 years that we have seen a trend of this magnitude. Furthermore, with a clearly influential 1.02 positioned just below the market (and parity not far below it); the market is simply waiting for a reason to ignite. Today’s economic listings were ill-suited for a break or reversal. The physical trade balance was perhaps the most influential piece of data on deck; but the C$0.8 billion offered little surprise over the C$0.4 billion balance expected – even if it was a 10-month high. The housing data would further fall exactly in line with expectations; and while the pickup in 4Q industrial capacity utilization points to a recovery in economic activity, it is a frequently overlooked reading. Nonetheless, we can see that the market is pricing in 100 bps of hikes over the coming 12 months (more than most of its counterparties); so all that is needed for a meaningful break in one direction or the other is a shift in risk appetite or a fully-loaded indicator. While waiting on the former (and more influential driver), there is a chance to find a docket-derived break tomorrow with the February employment data. Without a conflicting NFP report, this indicator could certainly ring out under the right conditions.
Euro Discomforted by Policy Makers Doubts and Reservations
The soothing words continue to spill out of the Euro Zone. However, suggestions that the threat in Greece has passed and financial stability is permanent have been interspersed with the second nationwide strike in the member economy and doubtful sentiment from policy officials over the effectiveness of proposed policy. As for the riots, this is an inevitable side effect of cutting spending so severely in a country that is already struggling economically. Reducing the government aid will drag out the recovery process and reduce tax revenue, which makes it further difficult to pay off deficits. As for confidence in regional stability, the ECB’s Nowotny remarked that it would take two to three years to actually recovery and the probability of loan defaults has risen. Central banker Mersch weighed in on the proposed European Monetary Fund (EMF), suggesting it was driven by fantasy and it contradicted a strong-currency stance. Then, policy maker Tumpel-Gugerell called on Greece to implement the policy promises made. Such skepticism from these key figures does not bode well for the Euro Zone and its currency.
New Zealand Dollar Fails to Generate the Same Volatility on Retail Sales that the RBNZ Mustered
Just a day ago, the New Zealand dollar was showing remarkable levels of activity (well, at least relative to what they have been for the broader currency market over the past month). The impetus for such eventual price action: an RBNZ rate decision that did not result in a change to the benchmark rate; but that insinuated that after the first hike around the middle of the year, the pace for further tightening would be choppy. This was a notable shift in medium-term speculation; and in comparison, the housing and sales data that crossed the docket early in Friday’s Asian session wouldn’t hold the same clout. The REINZ home sales report for February reported a 3.8 percent drop in activity through the year (a one year low); while the volatile retail sales report grew an unremarkable 0.8 percent. Once again, kiwi traders await risk trends
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**For a full list of upcoming event risk and past releases, go to www.dailyfx.com/calendar
Written by: John Kicklighter, Currency Strategist for DailyFX.com
E-mail: jkicklighter@dailyfx.com
DailyFX provides forex news on the economic reports and political events that influence the currency market.
Learn currency trading with a free practice account and charts from FXCM.
10 Mar Speech Jean-Claude Trichet: Address on the occasion of the inauguration of the “Language of Money” exhibition and the Euro Exhibition at the Museum f?r Kommunikation in Frankfurt am Main
Rede von Jean-Claude Trichet, Pr?sident der EZB,
Frankfurt am Main, 10. M?rz 2010
Sehr geehrte Damen und Herren, liebe G?ste,
heute feiern wir hier im Museum f?r Kommunikation in Frankfurt die Er?ffnung von zwei Ausstellungen. Als Schirmherr der Ausstellung ,,Die Sprache des Geldes” ist es mir nat?rlich eine besondere Ehre, diese zu er?ffnen. Ich freue mich auch sehr, den Anwesenden und der ?ffentlichkeit die Euro-Ausstellung der Europ?ischen Zentralbank pr?sentieren zu d?rfen. Die beiden Ausstellungen widmen sich ?hnlichen Themen und erg?nzen einander, und wie Sie sich vorstellen k?nnen, ist dieses Thema f?r mich als Zentralbanker ?usserst interessant! Gegenstand der aufschlussreichen Ausstellungen sind die Geschichte und die Funktionen des Geldes sowie die Rolle, die es in unserem Leben spielt.
Ganz gleich, welcher Sprache wir uns bedienen – Geld spielt zweifelsohne eine wichtige Rolle in der Kommunikation; direkt oder indirekt gibt es Auskunft ?ber unsere Gesellschaft, unseren Status und unsere Werte. Diesem Thema widmet sich die Ausstellung ,,Die Sprache des Geldes”.
Es versteht sich von selbst, dass ich mich sehr f?r die Sprache des Geldes und insbesondere f?r jene des Euro interessiere. Der Euro soll die kulturellen Gemeinsamkeiten, die Vielfalt, Geschichte sowie Zukunft Europas verk?rpern. Und tats?chlich verleiht er diesen Aspekten mit den architektonischen Motiven auf unseren Banknoten und den kulturellen Symbolen auf den nationalen Seiten unserer M?nzen Ausdruck.
Betrachten wir beispielsweise den Namen unserer W?hrung: Euro. Bei der Namensfindung wurde ganz bewusst darauf geachtet, dass die Bezeichnung der W?hrung keine Sprache bevorzugt, sondern vielmehr von Europa k?ndet. Und so wurde unser Wortschatz bereichert: ,,Euro” – ein neues Wort f?r eine neue europ?ische W?hrung. Mittlerweile ist uns dieses ehemals neue Wort nat?rlich sehr vertraut, und der Euro ist f?r die 330 Millionen europ?ischen B?rgerinnen und B?rger, die die einheitliche W?hrung in ihrem Alltag verwenden, zu einem der deutlich sichtbarsten Symbole Europas geworden.
In der Zeit seit der Schaffung des Euro hat sich gezeigt, dass der gemeinsamen W?hrung bei der immer enger werdenden Verbindung zwischen den V?lkern Europas eine sehr wichtige Rolle zukommt. Die Anzahl der L?nder, die an der Wirtschafts- und W?hrungsunion teilnehmen, ist ?ber die Jahre gestiegen, und heute ist der Euro in 16 Mitgliedstaaten der Europ?ischen Union das offizielle Zahlungsmittel. Er wird in einem Gebiet verwendet, das sich von Zypern bis Irland und von Portugal bis Finnland erstreckt.
Die einheitliche W?hrung ist ?ber die Grenzen Europas hinaus anerkannt. Auch auf internationaler Ebene vertrauen die Menschen dem Euro als W?hrung. Und dieses Vertrauen ist von entscheidender Bedeutung.
Ich sprach eben bereits davon, dass der Euro sowohl von kulturellen Gemeinsamkeiten als auch von Vielfalt k?ndet. Veranschaulicht wird dies in der Euro-Ausstellung der Europ?ischen Zentralbank, die ebenfalls hier zu sehen ist. Bevor die Ausstellung nach Frankfurt kam, fand sie bereits in Berlin – im Partnermuseum des Frankfurter Museums f?r Kommunikation – sehr guten Anklang.
Beim Rundgang durch die Euro-Ausstellung werden Sie sicherlich die Br?cken wiedererkennen, die auch auf der R?ckseite der Euro-Banknoten abgebildet sind. Diese architektonischen Elemente stehen f?r die Kommunikation zwischen den V?lkern Europas sowie zwischen Europa und der ?brigen Welt. Zudem repr?sentieren sie die Verbindung zwischen Vergangenheit und Zukunft und stehen f?r die Zukunft Europas. Wenn Sie die nationalen Seiten der Euro-M?nzen betrachten, werden Sie sehen, was ich meinte, als ich von Vielfalt sprach, denn die dort abgebildeten Motive zeugen vom nationalen Erbe und der nationalen Kultur der einzelnen Mitgliedstaaten der Europ?ischen Union.
In der Euro-Ausstellung haben Besucher die M?glichkeit, unsere W?hrung – den Euro – besser kennenzulernen. Interaktiv k?nnen sie mehr ?ber verschiedene Themen erfahren, die von der Geschichte des Geldes bis zur Herstellung von Euro-Banknoten reichen. Ferner wird gezeigt, wie sich die Sicherheitsmerkmale der Euro-Banknoten ?berpr?fen lassen.
Und da der Euro die W?hrung aller Einwohner des Eurogebiets, die W?hrung von Jung und Alt ist, richtet sich die Euro-Ausstellung auch an die j?ngere Generation: Im Kinderbereich k?nnen Kinder Computerlernspiele spielen, mithilfe von Touchscreens mehr ?ber die Sicherheitsmerkmale der Euro-Banknoten erfahren oder in der Geschichte von Anna und Alex miterleben, wie diese einem Geldf?lscher auf die Schliche kommen. Wenn Sie also Kinder haben, bietet sich hier die Gelegenheit, diese auf unterhaltsame Weise mit dem Euro vertraut zu machen.
Abschliessend m?chte ich Frau Dr. Kugler, Herrn Dr. Gold und ihren Mitarbeitern meinen Dank f?r die gute Zusammenarbeit und diesen gelungenen Abend aussprechen. Die Europ?ische Zentralbank unterst?tzt ausdr?cklich Aktivit?ten, die der ?ffentlichkeit Wirtschafts- und Finanzthemen n?herbringen, und unsere Partner haben einen erheblichen Beitrag hierzu geleistet – ein herzliches Dankesch?n an Sie alle!
Sehr geehrte Damen und Herren, liebe G?ste, gerne er?ffne ich hiermit die beiden Ausstellungen.
Vielen Dank f?r Ihre Aufmerksamkeit.
Europ?ische ZentralbankDirektion Kommunikation
Abteilung Presse und Information
Kaiserstrasse 29, D-60311 Frankfurt am Main
Tel.: +49 69 1344 7455, Fax: +49 69 1344 7404
Internet: http://www.ecb.europa.eu
Nachdruck nur mit Quellenangabe gestattet.
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Chart USD/TWD Update: Consolidation with bias downside
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USD/JPY, NZD/JPY Flows – Fix 90.64; Pres Obama to name Fed Yellen+2 Gov; FOMC Mar16
Forex: USD/JPY recovery, expected to continue, supported by NFP – Kathy Lien
FXstreet.com | Fri, Mar 5 2010, 14:29 GMT
Commodities: Gold strongly supported at $1130, NFP renews optimism
FXstreet.com | Fri, Mar 5 2010, 13:52 GMT
Asian markets drop as Fed report feeds risk aversion; Dollar and Yen rise
FXstreet.com | Thu, Mar 4 2010, 07:11 GMT
Forex: USD/JPY; dollar recovering and trading at 88.59
FXstreet.com | Thu, Mar 4 2010, 00:39 GMT
Forex: Dollar steady near daily lows after Beige Book
FXstreet.com | Wed, Mar 3 2010, 19:10 GMT
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