Asian Session – Euro hits fresh 4-year high against yen
November 27, 2013 7:48 am
The euro rose to a fresh 4-year high against the yen in the Asian session after receiving a boost on news that German Chancellor Angela Merkel clinched a deal with the Social Democratic party (SDP) after lengthy negotiations following the German federal elections in September.
The euro briefly brushed 1.36, hitting a one-month high before ending the Asian session at 1.3579 with a 0.05% gain.
Against the yen, the euro made a new 4-year high of 138.15 and ended with a 0.3% gain at 137.86 yen.
The dollar managed to bounce off 2-day lows of 101.13 against the yen and regained some losses, adding around 0.2 percent to 101.50 yen.
The yen’s weakness was due in part to the Bank of Japan’s continued commitment to its massive asset-buying program, which BOJ board member Sayuri Shirai reaffirmed in a speech in Tokyo today.
Shirai said that the BOJ should not hesitate to ease monetary policy further in the event of more risk arising to the economy.
The Australian dollar hovered near 3-month lows against its US counterpart, remaining fragile on the threat of interest rate cuts by the RBA. The aussie hit a low of 0.9087 on Tuesday, the lowest since September 4, and ended today’s Asian session at 0.9124 after trading mostly in a range.
The euro rose to a fresh 4-year high against the yen in the Asian session after receiving a boost on news that German Chancellor Angela Merkel clinched a deal with the Social Democratic party (SDP) after lengthy negotiations following the German federal elections in September.
The euro briefly brushed 1.36, hitting a one-month high before ending the Asian session at 1.3579 with a 0.05% gain.
Against the yen, the euro made a new 4-year high of 138.15 and ended with a 0.3% gain at 137.86 yen.
The dollar managed to bounce off 2-day lows of 101.13 against the yen and regained some losses, adding around 0.2 percent to 101.50 yen.
The yen’s weakness was due in part to the Bank of Japan’s continued commitment to its massive asset-buying program, which BOJ board member Sayuri Shirai reaffirmed in a speech in Tokyo today.
Shirai said that the BOJ should not hesitate to ease monetary policy further in the event of more risk arising to the economy.
The Australian dollar hovered near 3-month lows against its US counterpart, remaining fragile on the threat of interest rate cuts by the RBA. The aussie hit a low of 0.9087 on Tuesday, the lowest since September 4, and ended today’s Asian session at 0.9124 after trading mostly in a range.
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