Forex Technical & Market Analysis FXCC Oct 10 2013

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[b]Forex Technical & Market Analysis FXCC Oct 10 2013

Yellen's hard task highlighted by the minutes from the FOMC

Janet Yellen's difficult task was highlighted by the FOMC minutes published on Wednesday. Policy makers at the US Federal Reserve were split over the benefits of slowing down (tapering) its $85bn a month asset purchases in September, highlighting the difficult task facing her as she prepares to take chairmanship of the central bank. Barack Obama stepped up his discussions with Congress as USA political leaders look for a solution to the budget crisis that could leave the country without money to pay its bills before the end of the month. The president will meet senior Republicans from the House of Representatives at the White House on Thursday, after talks with members of his Democratic party on Wednesday evening. US default swaps trade has soared on debt fears. Growing investor fears that Washington could miss a payment on its debt has led to a surge in activity in the market for derivatives that insure against a US default. Commodities were hit hard in Wednesday's trading sessions; ICE WTI oil closing down 2.05% at $101.37 per barrel, NYMEX natural down 1.00% at $3.68 per therm. COMEX gold closed the day down 1.31%, silver down 2.46% at $21.89 per ounce.


FOREX ECONOMIC CALENDAR :
2013-10-10 08:00 GMT | ECB Monthly Report
2013-10-10 11:00 GMT | BoE Interest Rate Decision
2013-10-10 11:45 GMT | Bank of Japan Governor Kuroda Speech
2013-10-10 16:00 GMT | Bank of Japan Governor Kuroda Speech

FOREX NEWS :
2013-10-10 05:43 GMT | USD/CHF on a strong rally higher
2013-10-10 04:32 GMT | USD/JPY soars on Nikkei, solid data and short-covering
2013-10-10 04:30 GMT | EUR/USD working on a re-test of yesterday