Forex News – 9th November 2011

EUR

LCH Clearnet raised the margin requirement for Italian bonds, which causied a temporary sell-off
in EUR/USD with a hammer being attempted on a 30min chart.
support seen at 1.3774,resistance at 1.3845.

The margin requirement raised appears to have a bigger impact on commodity currencies such as
AUD, NZD and CAD.

JPY

Despite attempts by BoJ to keep the rate up USD/JPY is likely to make a full correction, back
towards Y75.00 lows as we know that it is very diffficult to intervene in the market for the
long term.

The bigger correction began yesterday and gathering pace as large stop loss orders are rumored
to be placed below Y75.50, so a break below may accelerate the move towards Y75.25.

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