EUR/JPY Hits A New 4-Year High

November 25, 2013

The dollar remains bullish against the yen, while the euro hit a new four-year high against the Japanese currency in today’s Asian session.

Bank of Japan Governor Kuroda kept markets speculation that the yen will weaken over time as the BOJ continues with its aggressive monetary easing policy and asset purchase program which is aimed at fighting deflation in Japan.

The euro climbed to a high of 137.97 yen in the early Asian session while the dollar pushed past Friday's high and climbed to 101.90 yen, the highest since May 29.

The increasingly diverging monetary policies of the Federal Reserve and the Bank of Japan will help keep the dollar/yen’s upward momentum.

Against the dollar, the euro hit a high of $1.3559 before declining slightly on profit taking to $1.3539. The euro has made a substantial recovery from last week’s tumble to $1.3398, caused by rumours of negative interest rates from the European Central Bank. These rumours have since been downplayed by ECB Chief Mario Draghi.

The British pound remained above the key $1.62 level, with GBPUSD hitting an early session high of $1.6239.

The Aussie slid lower to a new 2-1/2 low of $0.9120 as it remains under pressure by the threat of intervention from the Reserve Bank of Australia after comments from Governor Stevens last week who said he is “open-minded” about such a move as he believes the AUD is overvalued compared with fundamentals.

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