Yen to a 5 week high against Dollar

As expected the yen is gaining as a result of bad performance in stock markets yesterday.
Wall – street closed dip in the red on Monday, resulting in an accelerated yen buying, sending the USDJPY below 93 on early trading hours this morning.

Another market mover today was the Australian Central bank’s decision to cut rates by 1% more than the expected 0.75% traders took into account prior to the announcement.

The Australian bank’s decision placed additional pressure on  pairs like AUDJPY and AUDUSD.
The AUDPY had dropped under its main support level of  60, however it recovered pretty fast, and was back above it during today’s trading.

The market is now focusing mainly on  intense rate cuts which are expected on next Thursday.

On that day – the European Central bank is expected to cut its target rate by at least 0.5% points from 3.25%.

The Bank of England is expected to slash rates by 1%  on the same day ( after cutting its target rate by 1.5% last month).

The New Zealand Reserve bank is also expected to cut its target rates by 1% from 6.5%.

These events will be the center of attention this week in the  Forex market, together with any drastic move stock markets around the world may perform.

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