Asian Session – Yen remains weak ahead of BOJ policy meeting
April 3, 2013 7:06 am
Euro extended lower in Wednesday’s Asian session, continued to be weighed down after yesterday’s sharp drop following gloomy euro zone data. Focus now shifts to Thursday’s European Central Bank meeting. If Draghi doesn’t take steps to alleviate concern in the euro zone debt crisis, this will trigger a risk off move.
EURUSD opened in Asia at $1.2817 and slid to $1.2794, down 0.3 percent since the open on Tuesday.
Yen remained weak on expectations of more aggressive monetary easing emerging from this week’s Bank of Japan policy meeting. The market is positioning itself for more quantitative easing in the form of more asset purchases by the central bank .
Such measures tend to have a weakening effect on the currency so as a result yen is being sold off. USDJPY rose to a high of 93.67 after opening the session at 93.41 yen.
Yen remained weaker against the euro, though was little changed during the session as the single currency is broadly weaker. EURJPY remained within yesterday’s range after moving off a low of 119.12 to trade sideways today between 119.59 and 119.97 yen.
Euro extended lower in Wednesday’s Asian session, continued to be weighed down after yesterday’s sharp drop following gloomy euro zone data. Focus now shifts to Thursday’s European Central Bank meeting. If Draghi doesn’t take steps to alleviate concern in the euro zone debt crisis, this will trigger a risk off move.
EURUSD opened in Asia at $1.2817 and slid to $1.2794, down 0.3 percent since the open on Tuesday.
Yen remained weak on expectations of more aggressive monetary easing emerging from this week’s Bank of Japan policy meeting. The market is positioning itself for more quantitative easing in the form of more asset purchases by the central bank .
Such measures tend to have a weakening effect on the currency so as a result yen is being sold off. USDJPY rose to a high of 93.67 after opening the session at 93.41 yen.
Yen remained weaker against the euro, though was little changed during the session as the single currency is broadly weaker. EURJPY remained within yesterday’s range after moving off a low of 119.12 to trade sideways today between 119.59 and 119.97 yen.
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