13 September, 2013
The Asian session on Friday was more subdued as trading tends to be lighter ahead of the weekend. Market focus has turned to the next week’s Federal Reserve policy meeting, with alot of uncertainty surrounding the question whether the Fed will decide to taper this month and if so by how much.
Currently the Fed’s stimulus program involves $85 billion a month of bund purchases, a measure that tends to have a weakening effect on the USD. Hence any move to scale back on this stimulus will make the dollar more favourable.
USDJPY rebounded in the Asian session today, recovering yesterday’s losses and advanced to a session high of 99.96 yen. The pair has touched as low as 99.00 yen yesterday.
EURJPY topped at 132.63 yen, moving off from yesterday’s 131.72.
There was little movement in euro and sterling, with EURUSD edging down to $1.3270 and GBPUSD down to $1.5775.
Looking ahead to the European Session, finance ministers in the euro zone are due to meet to discuss the bailout programmes for Greece and Cyprus. In terms of data, international trade and employment figures for the euro zone will be released.
The U.S. session is busier, with August retail sales data due. Forecasts are for a rise of 0.4 per cent month-on-month expected.
The Asian session was calm as the economic calendar was light and most investors were positioning ahead of key risk events later this week, primarily the US nonfarm payrolls report on Friday...
The first full trading week of 2014 began today, with Japan opening for the first time after a two-week holiday...
The pair extended the positive trading, whereas it approached 61.8% correction at 1.3625
The dollar rose above 102.00 yen for the first time since May 29, while the euro flirted with the key $1.36 handle and hit a new four-year high within striking distance of 139.00 yen...
The best performing currency during Thursday’s Asian session was the Australian dollar which jumped against its US counterpart after strong Australian business spending data. Private Capital Expenditure increased by 3.6% quarter-on-quarter despite expectations for a decline by 1.1%...
The main currency of the day was the sterling which outperformed against the dollar and euro, as well as against the yen after being boosted by strong UK second quarter growth data...
The euro was stronger today particularly against the dollar and the pound. While there were no economic data releases today from the Eurozone to explain the move, there were some headline news which affected sterling and dollar...
The yen was supported by safe haven demand today after the release of a slightly dovish Bank of Japan policy meeting minutes. The minute from last weeks meeting showed some concern about Japans economic outlook and whether the central bank 2% inflation target could be met...
The dollar remains bullish against the yen, while the euro hit a new four-year high against the Japanese currency in todays Asian session...