The Asian session saw a quiet, holiday-thinned market due to the Western Easter holidays. Tokyo was the only major center open and most major markets will be closed until Tuesday.
Most yen pairs were trading in this week’s ranges, yen being supported due to repatriation flows for month-end and quarter-end squaring of positions by traders and investors. A series of upbeat economic data from Japan also helped support yen.
There is a strong expectation of more policy easing by the Bank of Japan when it meets for its policy meeting next week. This will likely weaken yen in the long term.
On the quarter, dollar is poised to mark a 8.4 percent quarterly gain against the yen.
In the Asian session today, USDJPY traded a low of 93.95, down from the session open of 94.19 yen. EURJPY opened at 120.70 and edged lower towards 120.29 yen by the end of the session.
Against the dollar, euro was steady in the earlier part of the session, rising to a high of $1.2835 before falling to $1.2792 but well off Wednesday’s two-month low of $1.2750.
Sterling extended its rally against the dollar to rise to a high of $1.5218 early in Asia from the $1.5188 session open before falling back to $1.5176.
The Asian session saw a quiet, holiday-thinned market due to the Western Easter holidays. Tokyo was the only major center open and most major markets will be closed until Tuesday.
Most yen pairs were trading in this week’s ranges, yen being supported due to repatriation flows for month-end and quarter-end squaring of positions by traders and investors. A series of upbeat economic data from Japan also helped support yen.
There is a strong expectation of more policy easing by the Bank of Japan when it meets for its policy meeting next week. This will likely weaken yen in the long term.
On the quarter, dollar is poised to mark a 8.4 percent quarterly gain against the yen.
In the Asian session today, USDJPY traded a low of 93.95, down from the session open of 94.19 yen. EURJPY opened at 120.70 and edged lower towards 120.29 yen by the end of the session.
Against the dollar, euro was steady in the earlier part of the session, rising to a high of $1.2835 before falling to $1.2792 but well off Wednesday’s two-month low of $1.2750.
Sterling extended its rally against the dollar to rise to a high of $1.5218 early in Asia from the $1.5188 session open before falling back to $1.5176.
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