USD/JPY seeks 84.00 on impact of US tax cuts

JAKARTA: The USD/JPY will target 84.00-84.40 today after Presiden Barack Obama's government announced its plan for extending tax cuts. The announcement widened the gap of the currency pair leading to the biggest daily rise in three months. Dollar rose
News Editor | 08 Desember 2010 03:06 WIB

JAKARTA: The USD/JPY will target 84.00-84.40 today after Presiden Barack Obama's government announced its plan for extending tax cuts. The announcement widened the gap of the currency pair leading to the biggest daily rise in three months. Dollar rose to most of its major counterparts as Treasury yields surged on an agreement to extend tax cuts will boost economy, leading to the increasing demand for US assets, Wahyu Tribowo Laksono, an analyst of PT Askap Futures, said in a report today.In the meantime, as he noted, EUR/USD makes a hort-lived bounce. It failed to regain US$1.34 resistance.Wahyu reported, the euro fell from near a two-week high against the dollar on specualtion region's financial crisis won't be solved even Irish Parliament passes the austerity measures to tap the 85 billion euro aid package. According to him, euro bearish should have more confidence to drag EUR/USD back to US$1.3150, especially People's Bank of China delivers its rate hike this weekend. "Bearish euro remains as EUR/USD fails to regain US$1.3440 which was needed to pave way to prolonged gains. In order for EUR/USD to break off its 5-week low, it must be closed above US$1.3420-US$1.3430 this week," he said. (NOM)

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