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The Greenback opens weaker against all of it major trading partners this morning after the US Federal Reserve pledged to keep its interest rates at record lows for longer than they had originally forecast. Announcing rates would now remain at current levels through to late 2014 rather than mid 2013 sent ripples through the market, as investors were taken by surprise. The Euro rallied to five-week highs against the US Dollar, hitting levels above 1.3170, and the Japanese Yen pushed to 77.30 as speculation of further quantitative easing followed the announcement. Further quantitative easing would effectively de-base the Greenback by injecting greater amounts of cash into the economy. The Euro has pared most of these gains by this morning’s open as talk with private sector bond holders drag on in Greece and markets become increasingly impatient for a solution. The Dollar Yen pair has since consolidated just below the 77.50 handle.

Now, on to our open positions and new trades. Lets take a look at the specifics:

…more on January 26, 2012 Forex Signals