Wednesday, November 10, 2010

DailyMarkets.com - Pound Strengthens On BOE Report, Yen Sells Off As US Treasury Yields Rise

DailyMarkets.com - Pound Strengthens On BOE Report, Yen Sells Off As US Treasury Yields Rise

Pound Strengthens On BOE Report, Yen Sells Off As US Treasury Yields Rise

Posted: 10 Nov 2010 11:44 AM PST

The week following the FOMC continues to surprise us. We are moving pretty fast and furious between key themes this week, and market action is now being pushed around by some new ones.

First, we had the Pound strengthening following the release of the BOE Quarterly Inflation Report. In it, the message was that inflation will continue to remain above the 2% annual target in 2011 but fall back in 2012. While BOE policy makers remain uncertain about which risks to inflation, downside or … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Curve Balls: Be Prepared For A Correction In Stocks And Gold

Posted: 10 Nov 2010 11:39 AM PST

For some time I’ve been of the opinion that the dollar will control the fate of not only the stock market but also our favorite bull market…precious metals.

Since June the dollar has been collapsing down into a yearly cycle low. I didn’t expect that low until the dollar reached at least 74 and I thought it even more likely we would see 71 before the cycle bottomed. However yesterday the dollar threw us a major curve ball. What should have been a minor bear flag that would resolve … [visit site to read more] or compare Best Credit Cards and Best CD Rates

DTS Reports Strong 3Q

Posted: 10 Nov 2010 11:35 AM PST

DTS Inc. (NASDAQ:DTSI) reported third quarter 2010 results, with earnings up 65.0% to 20 cents from 12 cents reported in the prior-year quarter.
Earnings including stock based compensation, but excluding one-time items were well above the Zacks Consensus Estimate of 16 cents, beating by 4 cents.
The strong year-over-year growth was driven by an accelerating revenue growth and margin expansion in the quarter.
Revenue
Revenues increased 40.0% year over year to $21.0 million, beating the Zacks … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Jamba Reports Loss, Misses Estimate

Posted: 10 Nov 2010 11:35 AM PST

Jamba Inc. (NASDAQ:JMBA) reported third quarter 2010 loss of 2 cents per share, which missed the Zacks Consensus Estimate of earnings 4 cents as well prior-year quarter earnings of 4 cents per share. The company reported loss as a result of decline in top line along with the charges incurred for closing restaurants and refranchising company-owned stores.
The top line of the company continues to struggle, as consolidated revenues fell 16.3% year over year to $66.1 million, which … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – GBP/USD Up On U.S. Data

Posted: 10 Nov 2010 11:00 AM PST

Forex Pros – The British Pound was higher against the U.S. Dollar on Wednesday after the release of U.S. data on Initial Jobless Claims.

GBP/USD was trading at 1.6114, up 0.80% at time of writing.

The pair was likely to find support at 1.5954, Tuesday's low, and resistance at 1.6280, Friday's high.

Earlier in the day, official data showed that U.S. Initial Jobless Claims fell more-than-expected to a seasonally adjusted 435.00K last week from 459.00K in the preceding week whose figure was … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Rolls-Royce Shares Slip On News That Singapore Airlines Is Planning To Replace Engines On A380 Jets

Posted: 10 Nov 2010 10:35 AM PST

Shares in Rolls Royce Group (LON:RR) slipped another 2.6% to 590p early today on news that Singapore Airlines had grounded three of its Boeing (NYSE: BA) A380 super-jumbo jets ahead of plans to replace one engine on each of the planes. The move follows the explosion of a Rolls-Royce Trent 900 engine on a Quantas operated Airbus A380 over Indonesia last week. Earlier this week Singapore Airlines said it had found no problems with any of its engines during initial testing but it now seems … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Initial Jobless Claims Drop Sharply

Posted: 10 Nov 2010 10:35 AM PST

Initial Claims for Unemployment Insurance fell by 24,000 last week to 435,000. This more than reverses last week’s spike, and once again raises hopes that we might be able to get out of the "trading range" that initial claims have been in for the last year.

Initial claims have been generally trending down since they hit a secondary peak of 504,000 (after revisions) on 8/14. The path has, however, been erratic.

Since claims can be volatile from week to week, it is better to track the … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Why QEII Wont Work Based On Studies Conducted By Robert Shiller

Posted: 10 Nov 2010 10:23 AM PST

Robert J. Shiller

Yesterday I wrote an article about why I think Bernanke is implementing QEII. One of my theories is that Bernanke is trying to inflate certain assets such as real estate and stocks.
I wrote the following about stocks:
With the Fed's purchase of massive amounts of treasuries it will likely lower yields on bonds. Bond yields are already dangerously low and although I would not call it a bubble, I would not buy any medium or long term bonds at this moment. Bernanke knows if … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Disclosure Delay Costs Goldman

Posted: 10 Nov 2010 10:20 AM PST

Goldman Sachs Group Inc. (NYSE:GS) has been fined $650,000 by The Financial Industry Regulatory Authority (FINRA) for its failure to disclose within a stipulated time the receipt of Wells Notice by two of its registered representatives.The Wells Notice was issued in relation with the offering of asynthetic collateralized debt obligation called ABACUS 2007-ACI (Abacus).
The two representatives − one Fabrice Tourre and an undisclosed employee − were served the Wells Notice by the Securities and … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Trade Deficit Improves A Bit

Posted: 10 Nov 2010 10:20 AM PST

The Trade Deficit fell in September to $44.00 billion after it rose in August to $46.48 billion. The fall in the trade deficit is very good news for the economy. The trade deficit was also smaller than the $44.8 billion consensus expectation. On a year-over-year basis, the total trade deficit was up 25.1% from $35.16 billion a year ago.

The trade balance has two major parts, trade in goods and trade in services. America's problem is always on the goods side; we actually routinely have a … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Technology Stocks To Watch As The Tech Sector Grows Stronger

Posted: 10 Nov 2010 10:19 AM PST

What a rally it’s been.

Small-cap stocks had a strong run in September, posted decent gains in October, and have marched higher still since November 1st. With momentum on the small cap investor’s side, let’s take a look at what’s been working, and consider what’s ahead in the last two months of the year.

But first, a quick check on the one-year chart of the Russell 2000 Small Cap Index.

Despite the fall run, the index has yet to break through its spring high just over 740. The … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – EUR/GBP Down During The U.S. Session

Posted: 10 Nov 2010 10:00 AM PST

Forex Pros – The Euro was lower against the British Pound on Wednesday.

EUR/GBP was trading at 0.8542, down 0.86% at time of writing.

The pair was likely to find support at 0.8525, today's low, and resistance at 0.8777, Friday's high.

Meanwhile, the Euro was down against the U.S. Dollar and up against the Japanese Yen, with EUR/USD shedding 0.25% to hit 1.3739 and EUR/JPY rising 0.78% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates

European Markets Close Lower; Dax Down 1.00%

Posted: 10 Nov 2010 09:55 AM PST

Forex Pros – European stocks were down after the closing bell on Wednesday.

At the close of European trade, Germany's DAX fell 1.00%, London's FTSE 100 shed 0.99%, France's CAC 40 declined 1.45% and the EURO STOXX 50 was down 1.55%.

Meanwhile, on Wall Street, equity markets were mixed after the open. The Dow Jones Industrial Average was down 0.24%; the S&P 500 index shed 0.06%, while the Nasdaq 100 index climbed … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Imminent Reversals In US Dollar, Euro, Gold, Silver And VIX

Posted: 10 Nov 2010 09:45 AM PST

Numerous factors and markets are telling us the odds of short-to-intermediate-term reversals are elevated for numerous markets including silver (SLV), gold (GLD), the U.S. dollar (UUP), the euro (FXE), stocks (SPY), and the VIX (VXX). The objective of both fundamental and technical analysis of the financial markets is to help us better understand the risk-reward ratio and relative attractiveness of a wide variety of investments. Since no chart or annual report can help us … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Gold (XAU/USD): Short-Term Elliott Wave Count

Posted: 10 Nov 2010 09:44 AM PST

Gold continues to make new highs and is in an impulse wave. Yesterday, we anticipated support at 1390 area (Refer to 11.9.2010 Intraday levels and scenarios), and the market did indeed respect that pivot. Today however, another attempt may go towards 1365-1370 area. Let's look at the charts.

Gold (XAU/USD)

Daily: The 4H chart clearly shows gold in an impulse wave, and it does not really take a wave technician to tell us Gold is in an bullish mode. Still, seeing … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Ambac Reports Lower Profit

Posted: 10 Nov 2010 09:35 AM PST

Just after a day of filing for Chapter 11 bankruptcy, Ambac Financial Group Inc. (NYSE:ABK) reported third-quarter 2010 earnings per share of 25 cents, a substantial decline from $7.58 per share reported in the prior-year period. Net income in the quarter was $76 million compared with $2.188 billion in third-quarter 2009.
Results in the quarter under review accounted for lower unrealized mark-to-market gains in the credit derivatives portfolio as well as lower loss and loss expenses.
Operating … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Wonder Auto’s Profit Up 84%

Posted: 10 Nov 2010 09:35 AM PST

Wonder Auto Technology Inc. (NASDAQ:WATG) reported an 84% increase in profit to $11.94 million in the third quarter of 2010 from $6.51 million in the same quarter a year ago. On an earnings per share basis, profit rose to 35 cents from 24 cents in the third quarter of 2009 and the Zacks Consensus Estimate of 22 cents.
The company's profit was favorably impacted by its acquisitions during the quarter and by an organic growth of 18%, despite the fact that July and August experience a slow season in … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Hot Stocks To Know For Wednesday: Yahoo, Bank Of America, Research In Motion, Wells Fargo, Morgan Stanley, Freeport-McMoRan, Atlas Energy, Chevron, BHP Billiton, Rio Tinto

Posted: 10 Nov 2010 09:10 AM PST

Turnaround Tuesday lived up to its name, and the dollar was the first to move.  After starting the day down a 1/2 percent, it hit unchanged by mid-morning and finished up almost a percent. Gold made a new all time high at 1424 then promptly fell 3% to close on its lows.  Treasuries came under significant pressure.  There was a story circulating early in the morning that one of the Chinese Credit Agencies had downgraded US Debt one notch from AA to A+.  The 10year held in OK … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Covidien Tops, Profits Skyrocket

Posted: 10 Nov 2010 09:05 AM PST

Ireland-based health care product maker Covidien plc (NYSE:COV) reported fourth-quarter fiscal 2010 (ended September 24) adjusted earnings per share of 84 cents, exceeding the Zacks Consensus Estimate of 74 cents and the year-ago earnings of 71 cents.
For fiscal 2010, adjusted earnings of $3.38 per share outshone the Zacks Consensus Estimate of $3.28 and were above the corresponding year-ago figure of $2.78. Adjusted earnings exclude one-time items such as acquisition and restructuring charges, … [visit site to read more] or compare Best Credit Cards and Best CD Rates

ELP’s 3Q Positive, Misses Estimate

Posted: 10 Nov 2010 09:05 AM PST

Companhia Paranaense de Energia (NYSE:ELP), also known as COPEL, reported its financial results for the third quarter 2010. Net income increased 11.2% year over year to R$316.2 million (US$179.7 million), or R$1.16 per share (US$0.66 per ADR) compared with R$284.4 million (US$161.6 million) or R$1.04 per share (US$0.55 per ADR) in the third quarter of 2009. Earnings per ADR were below the Zacks Consensus Estimate of US$0.71 per share.
The year-over-year momentum was driven by higher revenues, … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – EUR/USD Down At The End Of European Session

Posted: 10 Nov 2010 09:00 AM PST

Forex Pros – The Euro was lower against the U.S. Dollar on Wednesday after the release of U.S. data on Initial Jobless Claims.

EUR/USD was trading at 1.3727, down 0.33% at time of writing.

The pair was likely to find support at 1.3672, today's low, and resistance at 1.4230, Friday's high.

Earlier in the day, official data showed that U.S. Initial Jobless Claims fell more-than-expected to a seasonally adjusted 435.00K last week from 459.00K in the preceding week whose figure was revised … [visit site to read more] or compare Best Credit Cards and Best CD Rates

IGT Misses In 4Q, Revenue Slips

Posted: 10 Nov 2010 08:35 AM PST

International Game Technology (NYSE:IGT) announced fourth quarter 2010 earnings of 18 cents excluding one-time items, missing the Zacks Consensus Estimate by a penny, primarily attributable to sluggish revenue growth from gaming operations.
On a GAAP basis, earnings were 7 cents in the fourth quarter of 2010.
Earnings increased 11.8% year over year to 85 cents in fiscal 2010, beating the Zacks Consensus Estimate by a penny. On a GAAP basis, earnings escalated 44.2% to 62 cents.
Operational … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Symmetry Stays At Neutral

Posted: 10 Nov 2010 08:35 AM PST

We reiterate our Neutral rating on Symmetry Medical (NYSE:SMA) following the company's mixed third-quarter fiscal 2010 results. Earnings for the quarter missed the Zacks Consensus Estimate while profits skid 33% year over year on account of higher costs, which more than offset revenue growth.  
Revenues (up 5% year over year) beat the Zacks Consensus Estimate, supported by improved demand across the company's orthopedic implants and medical devices businesses as reflected by higher … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Conoco Flying High With LNG

Posted: 10 Nov 2010 08:22 AM PST

The third-largest U.S. oil company, ConocoPhillips (NYSE:COP) and its partner Origin Energy Ltd. received approval from Australia's Queensland state for their proposed $35 billion Australia-Pacific liquefied natural gas (APLNG) joint venture.
The project, which is subject to a several restrictions, includes a process to transform coal seam gas to liquefied natural gas (LNG). The APLNG joint venture finally won the Queensland approval to develop a gas field between Injune and Millmerran over a … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Vodafone Profit Climbs, Ups Outlook

Posted: 10 Nov 2010 08:22 AM PST

Vodafone Group Plc (NYSE:VOD), the largest revenue generating international wireless carrier, announced results for the first half of fiscal 2011 (ended September 30, 2010). The company reported adjusted earnings of 8.76 pence per share (or earnings per ADS of $1.33), up 0.5% from 8.72 pence in the year-ago period.
On a GAAP basis, net profit jumped 56.5% year over year to £7.5 billion ($11.4 billion). During the first half, net profit benefited primarily from a £2.4 billion ($3.65 billion) gain … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Nippon Outperforms

Posted: 10 Nov 2010 08:22 AM PST

Nippon Telegraph & Telephone Corp. (NYSE:NTT) declared second quarter  fiscal 2010 (ending March 31, 2011) financial results that were better than the company's revised guidance. On a GAAP basis, net income in the reported quarter was approximately $1,911.6 million, up 11.6% year over year.  Quarterly ADS was a little over 72 cents, up 11.6% year over year. Quarterly total revenue of $30,002 million grew 0.2% year over year. This was primarily due to a massive growth of IP/Packet … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Macy’s Tops, Ups Outlook

Posted: 10 Nov 2010 08:22 AM PST

Macy's Inc. (NYSE:M), one of the leading department store retailers in the United States, recently posted third-quarter 2010 results that topped the Zacks expectations. The quarterly earnings of 8 cents a share outperformed the Zacks Consensus Estimate of 3 cents, and rose substantially from a loss of 3 cents delivered in the prior-year quarter.
The Zacks Consensus Estimate remained stable prior to the earnings announcement, in spite of 2 analysts raising their estimates and 4 analysts lowering … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Shell Trims Woodside Stake

Posted: 10 Nov 2010 08:22 AM PST

Europe's largest oil company Royal Dutch Shell plc (RDS.A) has sold almost a third of its 34% interest in Australian energy firm Woodside Petroleum Ltd. for about $3.3 billion. The Anglo-Dutch supermajor said that its Australian subsidiary Shell Energy Holdings Australia Limited ("SEHAL") has offloaded 78.34 million Woodside shares to other investors.
The stake sale, underwritten by UBS AG (NYSE:UBS) at A$42.23 ($42.64) apiece, is equal to 29.18% of Shell’s interest in Woodside, or about 10% … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Chunghwa Posts Solid Results In 3Q

Posted: 10 Nov 2010 08:21 AM PST

Chunghwa Telecom Co. Ltd. (NYSE:CHT) declared impressive financial results for the third quarter of 2010 ,with net income soaring 9.5% year over year. This was primarily due to a massive reduction in income tax rate from 25% in the year-ago quarter to just 17%. Chunghwa is now more confident regarding the fourth quarter of 2010 and has projected quarterly total revenue of $1,498 million.
Quarterly GAAP net income was approximately $384 million, up 9.5% year over year.  Net earnings per ADR … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Australian Dollar: Key ST Resistance At 10725

Posted: 10 Nov 2010 08:21 AM PST

Update on supports and resistances. … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Canadian Dollar: The Downside Prevails

Posted: 10 Nov 2010 08:20 AM PST

Update on supports and resistances. … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Crude Steady Just Before The EIA

Posted: 10 Nov 2010 08:17 AM PST

11/10/10 Front month crude prices were once again slightly higher on currency volatility and inventory data … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – Dollar Mixed Vs. Rivals After Better-than-expected U.S. Jobs Data

Posted: 10 Nov 2010 08:16 AM PST

Forex Pros – The U.S. dollar was mixed against its major counterparts on Wednesday, after the release of better-than-expected U.S. data on initial jobless claims and amid lingering concerns over sovereign debt problems in peripheral euro zone nations.

During European afternoon trade, the greenback was up against the euro, with EUR/USD falling 0.57% to hit a 6-week low of 1.3693.

Earlier in the day, Portugal's government auctioned EUR 556 million of bonds due in October 2016, offering a … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Lenovo Manufactures A Rise In Quarterly Profit

Posted: 10 Nov 2010 03:07 AM PST

11/10/10 The world’s fourth-largest personal computer maker, Lenovo Group, announced a strong quarterly profit rise on growing sales in China and emerging … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – GBD/USD Pares Gains After Upbeat U.S. Jobs Data

Posted: 10 Nov 2010 07:51 AM PST

Forex Pros – The pound pared gains against the U.S. dollar on Wednesday, after better-than-expected U.S. jobs data and following the release of the Bank of England's quarterly inflation report.

GBP/USD hit 1.6114 during European afternoon trade, a daily high; the pair subsequently consolidated at 1.6029, rising 0.27%.

Cable was likely to find support at 1.5876, the low of October 29 and resistance at 1.6212, Monday's high.

Earlier in the day, official U.S. data showed that the number … [visit site to read more] or compare Best Credit Cards and Best CD Rates

High Number Of Those Not-In-Labor-Force Suggests Headline Unemployment Rate To Remain High

Posted: 10 Nov 2010 07:50 AM PST

By Seeking Delta of http://seekingdelta.wordpress.com/
On Friday the Bureau of Labor Statistics released its Employment Situation report. In the headline establishment survey, the nonfarm payroll gain of 151,000 attracted most of the attention. It was well above the 60,000 consensus estimate and showed strength in the private sector with 159,000 jobs added (government employment fell 8,000). From the household survey we find the unemployment rate held steady at 9.6%. It is this household … [visit site to read more] or compare Best Credit Cards and Best CD Rates

EUR/USD Tumbles To 5-week Low On Euro Zone Sovereign Debt Concerns

Posted: 10 Nov 2010 07:37 AM PST

Forex Pros – The euro extended losses against the U.S. dollar on Wednesday, falling for the fourth consecutive day to hit a 5-week low, amid lingering concerns over sovereign debt problems in peripheral euro zone nations.

EUR/USD hit 1.3670 during European afternoon trade, the pair's lowest since October 5; the pair subsequently consolidated at 1.3694, shedding 0.57%.

The pair was likely to find support at 1.3618, the low of October 1, and resistance at 1.3973, Tuesday's high.

Earlier … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Opening Bell Market Monitor: M, RL, CPB

Posted: 10 Nov 2010 02:35 AM PST

11/10/10 The latest in news, commentary, and information on what’s moving the US equities … [visit site to read more] or compare Best Credit Cards and Best CD Rates

U.S. Stocks Lower After The Open; Dow Jones Sheds 0.56%

Posted: 10 Nov 2010 07:21 AM PST

Forex Pros – U.S. stocks were down after the open on Wednesday, as slumping commodity-linked shares overshadowed better-than-expected data on initial jobless claims.
 
During early U.S. trade, the Dow Jones Industrial Average fell 0.56%; the S&P 500 index declined 0.53%, while the Nasdaq Composite index was down 0.46%.

Earlier in the day, official U.S. data showed that the number of individuals filing for initial jobless benefits in the week ending November 6 fell to a seasonally … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – USD/CAD Edges Below Parity After Canadian Economic Data

Posted: 10 Nov 2010 06:36 AM PST

Forex Pros – The U.S. dollar was down against its Canadian counterpart on Wednesday, falling below parity to hit a fresh daily low, following the release of key Canadian data on its trade balance. 

USD/CAD hit 0.9993 during European afternoon trade, a daily low; the pair subsequently consolidated at 1.0002, shedding 0.77%.

The pair was likely to find support at 0.9929, the low of April 21, and resistance at 1.0109, the high of November 4.

Earlier in the day, Statistics Canada said the … [visit site to read more] or compare Best Credit Cards and Best CD Rates

U.S. Initial Jobless Claims Fall More-than-expected

Posted: 10 Nov 2010 05:37 AM PST

Forex Pros – The number of people who filed for unemployment assistance in the U.S. last week fell more-than-expected, official data showed on Wednesday.

In a report, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending November 6 fell to a seasonally adjusted 435K, after rising to 459K in the preceding week, whose figure was revised from 457K.

Analysts had expected initial jobless claims to fall to 450K in the week ending … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Canadian Trade Balance Falls More-than-expected

Posted: 10 Nov 2010 05:35 AM PST

Canada's trade balance fell more-than-expected last month, official data showed on Wednesday.

In a report, Statistics Canada said that Canadian trade balance fell to a seasonally adjusted -2.50B, from -1.50B in the preceding month whose figure was revised down from -1.30B.

Analysts had expected Canadian trade balance to fall -1.50B last … [visit site to read more] or compare Best Credit Cards and Best CD Rates

U.S. Trade Balance Falls Less-than-expected

Posted: 10 Nov 2010 05:35 AM PST

The U.S. trade balance fell less-than-expected last month, official data showed on Wednesday.

In a report, Bureau of Economic Analysis said that U.S. trade balance fell to a seasonally adjusted -44.00B, from -46.50B in the preceding month whose figure was revised down from -46.30B.

Analysts had expected U.S. trade balance to fall -45.00B last … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – USD/JPY Erases Losses, Soars To 5-week High

Posted: 10 Nov 2010 05:25 AM PST

Forex Pros – The U.S. dollar erased early losses to soar to a 5-week high on Wednesday, as an increase in U.S. Treasury yields made assets denominated in the greenback more attractive to holders of other currencies.

USD/JPY hit 82.41 during European afternoon trade, the pair's highest since October 8; the pair subsequently consolidated at 82.35, gaining 0.82%.

The pair was likely to find support at 80.53, Tuesday's low and resistance at 82.91, the high October 7.

Earlier in the day, … [visit site to read more] or compare Best Credit Cards and Best CD Rates
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