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FX-Foreign Exchange News 2nd June, 2011

Fx- Foreign Currency Exchange News: Wednesday 2nd June, 2011

Yesterday, saw the dollar decline sharply and it fell to a fresh 2 week low of 80.65 before bouncing again earlier in the Asian session to find resistance at 81.30 and pullback to levels right below 81.00 ahead of the European session opening.

Overnight in Asia the Euro edged up against the USD due to the weak US economic indicators which prompted investors to speculate that the Federal Reserve may end up taking additional easing measures in the months ahead.

FX-Traders feel that market participants are becoming pessimistic about the US outlook as some of them even start to speculate that the FED may go ahead with further quantitive easing measures in the weeks and months ahead.

The European stocks are expected to open much lower today following the sell off in the US which saw the Dow Jones industrial average shed nearly 280 points and this is largely due to concerns over the US economy.

EURO: The Euro was trading at USD 1,4394 against the USD compared with USD 1.4282 late on Tuesday. As we enter the European trade it is expected offers to emerge around the 1.4400 level.

USD The USD/JPY is largely unmoved by the news that the PM has survive a no confidence vote in parliament.

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