Sterling Yen eases down in Tokyo Trading - FX Solutions Forex Update

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by: fxsolutions
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Date: Sun, 10 Jul 2011 Time: 2:58 AM
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Chris Advincula, Chief Market Analyst at FX Solutions (http://www.fxsolutions.com/), provides forex traders with an overview of currency market activity and news on 30th June 2011, including news of movement for the pound.

"The pound moved initially higher to 130.10 yesterday in the middle session of Europe on the optimistic view of the Greece Parliament vote will be a resounding Yes, however the deputy prime minister voted "No" which sent the rates spiraling 100 pips down to 129.10 in a hectic activity following various conflicting comments from the Greek parliament. However after the official vote came in as 155-138 in favor of the austerity plan for Greece, the rates went bid once again to the 130.00 level on a positive note. Although this is supposedly a news appears to be directed more for the euro, the problems in Greece most definitely had a profound impact on all the equity markets around the globe that affected all the major money centers and currency market, including the British pound.

The rates are easing down to 129.30 in the middle session of Tokyo Trading as profit-taking on long trades are being unwound with the Japanese Yen gaining some relative strength on investment repatriation and waning risk appetite.

The weaker dollar also gave some impetus to the lower sterling yen rate that also prompted yen buying action. Nikkei 225 has given up its gains after a 3-day successive rally, currently down 1.5 points to 9,795.71 (-0.02%).

The UK GfK Consumer Confidence drops 4 points today and comments that the organization sees a gloomy period ahead for the UK high street.

The 21-day Exponential moving average topped at 129.90 and moved lower to 129.55."

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