USDJPY supported above 100 yen, sterling hits new 2-week high

November 18, 2013

Market sentiment remains positive as it is still being characterized by the loose monetary policies of the world’s major central banks – Federal Reserve, European Central Bank and Bank of Japan.

Last week, the Fed President nominee Janet Yellen signaled she will continue the Fed’s stimulus program, which helped keep risk appetite supported.

Most major currency pairs traded in familiar ranges, with the riskier currencies holding on to gains from the risk rally produced at the end of last week.

Sterling carved a new two-week high in Asia today, with GBPUSD hitting a session high of $1.6141, while the euro breached a key level of $1.3500, peaking at $1.3506 before steadying at $1.3490.

The dollar/yen pair is the main currency in focus after it broke above the key psychological level of 100 yen last week. USDJPY eased back down today but found support at this level, after opening in Asian at 100.25 yen. 

The yen is expected to weaken further based on the Bank of Japan’s monetary easing policies. There are a couple of key releases from Japan this week, including trade balance and the BoJ meeting, both of which will be key drivers for the Japanese currency.

Aussie was the biggest mover in Asia this morning, with AUDUSD rising to a high of $0.9412, gaining 0.4% percent.

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