Today's FX Market...

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U.S. Dollar Trading (USD)-G7 officials warned over the weekend of further financial market turmoil which implied global interest rate cuts and tax deductions to stimulate the global economy. The G7 weekend ended with a statement that ‘’downside risks persist’’ including the U.S housing slump and tighter credit conditions. No specific remedies were suggested however they pledged ‘’appropriate actions, individually and collectively.’’

USD/JPY-The trendless tight range the pair has been going through continues with no hint of a distinct direction. The 4 hour chart is indicating that locally the move within the channel is bearish. Traders must wait for a significant break on any side in order to swing back in.

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