Asian Session – Broad dollar weakness supports yen and euro
April 25, 2013 7:26 am
Broad US dollar weakness helped buoy risk currencies like euro. Yen was also higher against the greenback. The Japanese currency was lifted after data showed that there is not a huge outflow of funds from Japan as was expected amid expanded monetary easing by the Bank of Japan.
Euro also weakened against the yen, though not as much since euro was broadly higher due to a stronger EURUSD on the back of good news that Italy has finally formed a government, ending weeks of uncertainty after a gridlock following an inconclusive election in February.
USDJPY opened in Asia at 99.48 and eased down to 99.11 yen during the session.
EURJPY opened in Asia at 129.47 and hit a high of 129.88 before drifting to a low of 129.28 yen.
EURUSD performed much better, opening in Asia at $1.3014 after a solid recovery from yesterday’s large dip to $1.2953. The news from Italy helped underpin euro and also broad dollar weakness on recovery in commodities helped support the EURUSD pair.
Broad US dollar weakness helped buoy risk currencies like euro. Yen was also higher against the greenback. The Japanese currency was lifted after data showed that there is not a huge outflow of funds from Japan as was expected amid expanded monetary easing by the Bank of Japan.
Euro also weakened against the yen, though not as much since euro was broadly higher due to a stronger EURUSD on the back of good news that Italy has finally formed a government, ending weeks of uncertainty after a gridlock following an inconclusive election in February.
USDJPY opened in Asia at 99.48 and eased down to 99.11 yen during the session.
EURJPY opened in Asia at 129.47 and hit a high of 129.88 before drifting to a low of 129.28 yen.
EURUSD performed much better, opening in Asia at $1.3014 after a solid recovery from yesterday’s large dip to $1.2953. The news from Italy helped underpin euro and also broad dollar weakness on recovery in commodities helped support the EURUSD pair.
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