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As we have been noticed since the beginning of this week and especially regarding the last trading day, the US dollar began its correction process against the Japanese yen.

Currency Day Trading Bush's budget proposal continued to impress currency traders Tuesday with the dollar hitting a three-month high over the Japanese Yen.

While the yen was trading strongly against the dollar on Thursday morning, the currency slipped in the afternoon.

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those of another. The currencies of the world are on a floating exchange rate, Dollar, Yen, etc. Australian Dollar, British Pound, Canadian Dollar, Japanese Yen, Swiss Franc, and the U.S. Dollar. Unlike the futures and stock markets, trading of currencies is not centralized on an exchange. Forex literally follows

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However, the impact on yen trading was limited with most yen traders still focus on the carry trade theme.

Forex Day Trading Feb 8, 2005 (AXcess News) Tokyo - Bush's budget proposal continued to impress currency traders Tuesday with the dollar hitting a three-month high over the Japanese Yen.The dollar reached a three-month high against the Japanese yen while holding earlier gains from Monday against the euro amid renewed hope the United States would take steps to reduce its budget deficit and finance its trade gap.

Today is also expected to be devoid of data so we should see the EUR continue range trading on it's heights and will heavily depend on the volatility of the equity markets. JPY Yesterday, the Japanese currency dropped against all 16 major currencies after the Fed rate cut fueled a rally in U.S. stocks, spurring investors to buy riskier assets funded by borrowed yen. The dollar pared some of its early gains against the yen to trade at 115.90 yens per one USD.

Financial In Market Traders were bullish on dollars as concerns over the rising US budget deficit and higher OPEC oil prices waned.

Stock Trading System In New York trading the dollar had advanced against its Japanese counterpart to 105.64 yen. The dollar earlier rose to 105.90 yen, the highest since early November.

Day Trading Stock Tip The dollar managed slight gains of 0.01% over the euro as well. The euro was at US$1.2757, up slightly from yesterday, when it touched its lowest level against the dollar in more than three months.

Financial Forex Forex Software Bush's proposed budget cuts released yesterday brought the dollar some stability. President Bush sent Congress a $2.57 trillion fiscal 2006 spending plan that boosts defense spending and extends tax cuts while aiming to rein in deficits by clamping down on domestic spending programs.Advertisement

Stock Market Trading Fed chairman Alan Greenspan's comments at the group of seven wealthiest nations that met in London last week gave further assurances to finance ministers there that the United States would correct its trade deficit through the market. Basically saying that the market would correct itself.

Day Lesson Stock Tip Trading Traders are watching how the Treasury auction of 3 and 5-year notes will fair, slated for Tuesday, Wednesday and Thursday of this week. J.P. Morgan said in a daily research report, "Weak 3-year and 5-year note auctions would suggest an absence of foreign central bank bids, renewing focus on the perceived dollar dependence on foreign financing."

Financial System Trading The US central bank has raised interest rates several times in 2005 and the most recent hike may help attract foreign investors to this week's Treasury auction.Finance ministers at the G-7 meeting reaffirmed their stance that exchange rates should reflect economic fundamentals. They also said they wanted more flexibility with currency policy.

Day Trading Future The EU central bank as well as the US Treasury undersecretary made it clear to China that they needed to untie the Yuan from the dollar. That the Yuan was undervalued. Chinese representatives who attended the G-7 meeting as guests there said their central bank needed more time to educate their bankers and separate the Yuan from the dollar. The EU central bank president said the Yuan was undervalued by as much as 40% and was hurting foreign trade.

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