USD/JPY recovers

Market news

31 May 2011

USD/JPY recovers

USD/JPY currently holds around Y81.33 after posting a high of Y81.77 earlier (55-day moving average at Y81.89). As to supports, rate held above Y80.69/Y80.72 (strong support) for 3 straight days. Bids are seen at Y80.95/Y81.00 and at Y80.70/75.

Analysts at BofA-ML say "We now expect Q2 GDP growth of just 2%. We have also trimmed our year-end 10-year Treasury yield forecast to 3.6%."

Dow +77.96 at 12519.54, Nasdaq +24.36 at 2821.22, S&P +8.41 at 1339.51

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