Yen Approaches Post-War Highs | IFCM Hong Kong
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Yen Approaches Post-War Highs - 31.1.2012

US Dollar The dollar lost ground against the majors today, undermined by the Federal Reserve pledge to keep low rates until 2014 and after Greek prime minister indicated more progress in negotiations with private creditors. Investors boosted demand for higher-yielding currencies – the Australian and Canadian dollars are both targeting their three-month highs. After recovering slightly yesterday to 79.45, the dollar index dropped toward its 7-week low at 78.77. Euro Asian stocks advanced and the rally in global stock markets may continue in European trading hours as Greek Prime Minister Lucas Papademos said he had a strong commitment to reach a deal with private creditors by the end of the week. At the same time the leader of the European Union agreed on Monday to impose tighter budget discipline, including keeping budget deficit on average at 0.5% of GDP and setting a limit for government debt at 60% of GPD. Britain and the Czech Republic refused to sing the pact. The euro stays between 1.31 and 1.32 against the greenback before a report that may show unemployment in the euro area increased in December. According to preliminary estimations, the jobless rate increased from 10.3% to 10.4%, the highest level since 1998. In comparison the measure for Germany is expected to stay at 6.8%. Japanese Yen Japanese yen is strengthening against the dollar – pair USD/JPY has already touched today its lowest level since October 31 – 76.17. The data for Japan was somewhat mixed today. The nation’s industrial production grew in December more than economists expected, by 4% instead of 3%, while the unemployment rate increased from 4.5% to 4.6%. Japan’s finance minister Jun Azumi said today that the authorities are ready to act and take “decisive” steps to prevent excessive currency’s moves that hurt the economic recovery.
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