US dollar is moving toward the 100 level against the Japanese yen. The G-20 meeting seems to have rubber-stamped the plans for more easing in Japan, and that could mean a breakthrough for USD/JPY at anytime.
Right now, the US dollar is a little lower against the Japanese yen. However, the dollar attempted the 100 level earlier and was rebuffed. Even now, the greenback is near the 100 level against the yen.
Support for the US dollar is likely to come from the fact that more yen weakness is expected. Over the weekend, the G-20 did nothing to call out Japan for its aggressive easing stance. Indeed, the Bank of Japan is ready to embark on a massive easing effort blessed by Prime Minister Shinzo Abe. This is likely to result in more yen weakness, and it could bring the dollar to the 100 level.
US dollar is higher against the euro today as concerns about the 17-nation currency flare up a little bit. Expressions from some Germans about the need for parallel currencies are weighing on the eurozone, as well as the increased debt load in the 17-nation currency region.
At 19:06 GMT USD/JPY is down to 99.4700 from the open at 99.8195, and off the high of 99.9000. EUR/USD is down to 1.3062 from the open at 1.3078.
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