Subsequently the Yen fell sharpley against the dollar and other leading currencies. Overall, the USD-JPY traded with a low of 92.66 and a high of 99.70 before closing the day around 98.20 in the New York session.
The US Dollar gave up gains against all except the yen as grim economic data was released showing US consumer confidence collapsed to a record low in October. Looking ahead, September Durable Good Orders are expected at -1.5% vs. -3.3% previously. Also released the FOMC statement widely expected to contain a 0.5% rate cut.
Sterling was a major benefactor from the equity rebound, climbing rapidly off lows. There could be a possible bottom in place, given the rejection at 1.5280 twice and subsequent sharp rally. A break above 1.6000 in early Asian time is seen as a major bull test for the currency. CBI Sales in October were better than expected remaining unchanged at -27. Overall the GDP/USD traded with a low of 1.5405 and a high of 1.6060 before closing the day at 1.6020 in the New York session. Looking ahead, September Mortgage Approvals are seen unchanged at 32K.