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Asian Session – Euro stronger on optimism about global economy
December 9, 2013 7:56 amVideo
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The euro remained strong during Asian session trading on Monday, as the single currency appeared to benefit even more than the US dollar from the much better-than-expected US employment report at the end of the previous week.
The dollar managed to claw back some ground against the euro, pushing the single currency 0.12% lower at 1.3696. Following a New York close of 1.3701, the euro had rallied to a fresh 5-week high of 1.3748 early in the Asian session, as various stop losses were triggered in thin market conditions.
The euro also remained strong versus the Japanese yen, dipping a mere 0.06% to 141.12, following a fresh 5-year high of 141.54.
The yen was not even helped by the positive news that the People’s Bank of China had set the Chinese yuan at a new record high for a second consecutive day.
The Australian dollar climbed to as high as 0.9145 before slipping 0.39% against the US dollar to end the session at 0.9082.
The US dollar remained at a relatively high level versus the yen, little changed compared to Friday’s late New York trading at 103.03. The dollar was close to its 6-month high of 103.38.
The market was looking forward to no fewer than 3 speeches from Federal Reserve board members later in the day, which could yield some clues as to how the Fed interprets the employment report and the implications for monetary policy.
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