20 November, 2013
The euro hit a four-year high against the yen this morning, rising to 135.93, the highest since October 2009. What contributed to the yen’s weakness was data showing Japan’s trade deficit widened more than expected in October.
Forecasts were for 1.091 trillion yen compared to a forecast of 814 billion yen trade deficit. Meanwhile, focus is on the Bank of Japan’s two-day policy meeting.
The euro also rose against the dollar, peaking at $1.3576 after the dollar was hurt by comments from Federal Reserve Chairman Ben Bernanke who signaled that the Fed was committed to highly accommodative policies.
Bernanke said the Fed’s main interest rate will probably remain near zero for a “considerable time” after asset purchases end.
The dollar lost 0.1 percent against the yen to fall to 100 yen from the Asian open of 100.12 yen.
Looking ahead, the will be some key US data releases later today, with market focus turning to the FOMC minutes as well as US retail sales. Also, the Bank of England policy meeting minutes will be released.
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...
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