[/caption] Asian stocks are lower today, weighed by tech stocks and lingering fears about the state of Greece and Portugal's economic problems. The USD has strengthened on these fears, and also gleaned some support from the reassurance than Federal Reserve Chairman Bernanke was confirmed for a second term – eliminating the uncertainty of an interim period at Fed with only temporary leadership. Overnight, Japan's core CPI fell 1.3% YoY in December; smaller than the drop in November – but the narrowest measure of inflation (so-called core-core CPI which strips out the volatile food and energy components) had its biggest drop since records began in 1970. This is likely to put further pressure on policymakers to do more to try and support the economy and prevent another slump ahead of summer elections. The reading may also threaten the credibility of the BoJ who stated in their policy meeting on Tuesday that deflation was likely to be milder than anticipated; and will strengthen their conviction in possible FX intervention should current JPY strength persist. USDJPY has climbed back above 90.00 and is now trading around the highs at 90.25. GBPUSD is still trading choppily after yesterday's negative statement from ratings agency S&P; who have stopped classifying the UK among the most stable, low-risk banking systems. So far, GBPUSD has found a near-term base at 1.6111, but with market sentiment increasingly swayed by t [...] Forex trading - live day trading course and currency trade room.
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