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USD/JPY Forecast Dec. 13, 2011, Fundamental Analysis
but it was biased to the upside as risk aversion returned to dominate the FX market amid concerns regarding EU debt crisis.

The EU leaders’ summit failed to provide the market with solid measures about the 17 nation’s outlook, where fears that the EU’s new plan may not be able to contain the sovereign debt crisis pushed investors to increase demand for the lower-yielding assets, opening the way for the yen and the dollar to increase.

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The greenback advanced against most of its major counterparts before the FOMC meeting this week, where concerns that the EU region’s debt crisis is spreading to other nations fueled risk aversion.

On Tuesday at 23:50 GMT (Monday), Japan will release the Tertiary Industry Index for October, where it’s expected to rise 0.4% following the drop of 0.7%.

The United States will release the Advance Retail Sales Index for November at 13:30 GMT where it is expected with 0.6% rise after 0.5%.

The U.S. Business Inventories for October will be released at 15:00 GMT where it’s expected to come at 0.3% from the previous reading of 0.0%.

At 19:15 GMT, the Federal Reserve Bank will announce the Federal Open Market Committee Rate Decision, where the central bank is expected to keep the rate steady near zero.

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