Wednesday's Major FX Pairs

The third-smallest economy in the 17-nation euro area, Cyprus was approved for a 1.5 billion-euro ($2 billion) payout by euro-region finance ministers on Sept. 13. It was the second disbursement under a 10 billion-euro rescue program following the country’s financial meltdown mainly as a result of banking losses on Greek government bonds., Cyprus plans to lift all restrictions on the movement of money in January, almost a year after becoming the first euro member to seize bank deposits and impose capital controls to avert a financial collapse. Euro little changed.
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GBP/USD
The pound’s advance to an eight-month high is seen at risk in trading patterns suggesting economic data beating forecasts fails to reflect a fundamental shift in the U.K.’s prospects. There are enough warning signals to suggest that this is the time to exit long-sterling positions,” Karen Jones, a London-based technical strategist at Commerz bank AG, said in a phone interview yesterday. Sterling rose to $1.5960.
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USD/JPY
Prime Minister Shinzo Abe will decide whether he will go ahead with a plan to raise the tax to 8 percent in April from 5 percent after analyzing business confidence data from the Bank of Japan on Oct. 1. Assuming the dollar-denominated gold price is unchanged and the dollar-yen exchange rate remains the same, investors would profit as much as 3 percent from purchasing bullion on March 31 and selling it back on April 1, according to broker Fujitomi Co.
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USD/CAD
The Canadian dollar gained to a more than six-week high as factory sales rose at the fastest pace in five months in July, adding to signs economic growth is picking up. The currency advanced a second day versus its U.S. peer as the cost of living in America rose less than forecast in August, a sign it will take time for inflation to reach the U.S. Federal Reserve’s goal. The Federal Open Market Committee completes a two-day meeting tomorrow after which policy makers will announce whether they will slow monthly asset purchases, which are aimed to stimulate the economy and may also devalue the U.S. currency.
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