* The dollar and yen fell as risk appetite increased after the US economy grew faster than expected. US GDP rose a stronger-than-expected 3.5% in Q3 2009 as personal consumption contributed the most to GDP gains since Q4 2006. Inventory gains were modest and will likely rise strongly next quarter, which should ensure strong Q4 GDP growth. Meanwhile, the price deflator was well contained, reducing the risk of premature interest-rate hikes. Commodity prices and bond yields rose on the good news and the S&P 500 index surged 23.48 to 1,066.11. The euro rose above the 1.48 handle, EMU sentiment improved and German unemployment unexpectedly declined. Sterling gained for a fourth consecutive day on optimism of the UK banking sector and the rise in UK mortgage approvals to the highest level in 18 months. The Australian and Canadian dollars reversed yesterday’s losses as risk appetite and commodity prices rose.
* The USD/JPY advanced as risk sentiment improved. Japan’s industrial production rose for a seven consecutive month in September. After making a double bottom in the 88 area, the USD/JPY may be forming the right shoulder in an inverted head-and-shoulder. The pair has support in the 90 area and resistance in the 92.
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