Yen recovers

The Yen recovered last night on reports out of Europe that European government officials were growing impatient with the currenct Yen weakness. This seems to have scared the dealers who have been using Yen to fund higher yielding currencies, and has made the market slightly more cautious.

Brazil last night cut rates 25bp as expected. This is a slightly slower pace then previous cuts, but is consistent with the direction that we have seen for the last 18 months.

The Mexican market is fixed on tomorrows Central Bank meeting. Although no rate rise is expected tomorrow a signal that rates are going higher in the future is expected.

These are the FX Trading Ideas for today.

Good Luck and Good Forex Trading

FXTRADINGIDEAS@AOL.COM