Asian Session – Euro stronger on optimism about global economy
December 9, 2013 7:56 am
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.
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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