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Foreign Exchange News Wednesday 20th April, 2011

Fx- Foreign Currency Exchange News: Wednesday 20th April, 2011

Yesterday saw a larger than expected rise in the consumer price index and it put a spring in the step of the Canadian Dollar amid expectations that the Bank of Canada might start to raise interest rates in early July

FX-Traders watched overnight as the dollar rose again against the Yen in the Asian Session as Japan’s trade surplus shrank far faster than expected in March and this was due to a surge in imports and a drop in quote exports after the earthquake and Tsunami in Japan

On a positive note the European Stocks are expected to open slightly higher and this has been helped by gains in Asia and Wall Street as investors see strong corporate earnings and economic data from the Euro Zone and the US.

EURO: The Euro has been trading at USD 1.4389 from USD 1.4334 and JPY 119.37 from JPY 118.37

GBP Overnight the pound has gained against the USD but has fallen against the Euro and this was largely due to the expectation that the Bank of England monetary policy will trail that of the European Central Bank.

USD Earlier this morning we saw the USD at JPY82.96 from 82.58.

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