Forex news.
Many Tokyo traders think FX issues unlikely to become major focus in G8 summit starting today, but some say meeting might help USD bounce back given major powers may indicate intentions to grapple with soaring crude oil prices. Trader at Tokyo major bank says G8 leaders "won't likely discuss foreign exchange issues such as the weak dollar (in the meeting), but they may indicate the possibility that they might try to regulate speculative moves in the crude oil market." If that is the case, "the dollar could be bought back with crude oil prices falling." Tokyo traders expect USD/JPY to hover in 106.00-108.50 band this week; last 107.20 on EBS
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