European Session – Yen inches lower in quiet session
April 8, 2013 11:20 am
The European Session was quiet on Monday with the absence of key economic data releases during the session. Most currency pairs consolidated after high activity on Friday following the US nonfarm payrolls. However, most of the focus today was on the Japanese yen.
The yen reached its weakest in nearly four years as a result of new bolder aggressive monetary policy easing from the Bank of Japan.
USDJPY briefly touched the 99.00 yen for the first time since June 2009, but mostly traded slightly below that. There is increasing speculation that the dollar-yen pair will reach the 100 yen level.
EURJPY inched higher to 128.82 yen, breaking past the Asian session high of 128.42.
Aussie was the biggest mover against yen, with AUDJPY extending higher in Europe to hit 102.83, not far from a record high of 107.80 hit before the financial crisis.
Euro traded slightly above the key $1.3000 against the dollar. This has proved to be stiff resistance and will be hard for the EURUSD to break substantially past this level. There are not enough strong fundamentals to support euro, since headwinds still exist in Europe with the euro zone debt crisis.
The euro is currently benefitting from the weaker dollar for now since Friday’s dismal nonfarm payrolls hit the greenback.
The euro zone Sentix index had little effect on the euro today. The investor sentiment index fell to -17.3 this month, its lowest level since last November and below a forecast for April of -13.1. The index stood at -10.6 in March.
The European Session was quiet on Monday with the absence of key economic data releases during the session. Most currency pairs consolidated after high activity on Friday following the US nonfarm payrolls. However, most of the focus today was on the Japanese yen.
The yen reached its weakest in nearly four years as a result of new bolder aggressive monetary policy easing from the Bank of Japan.
USDJPY briefly touched the 99.00 yen for the first time since June 2009, but mostly traded slightly below that. There is increasing speculation that the dollar-yen pair will reach the 100 yen level.
EURJPY inched higher to 128.82 yen, breaking past the Asian session high of 128.42.
Aussie was the biggest mover against yen, with AUDJPY extending higher in Europe to hit 102.83, not far from a record high of 107.80 hit before the financial crisis.
Euro traded slightly above the key $1.3000 against the dollar. This has proved to be stiff resistance and will be hard for the EURUSD to break substantially past this level. There are not enough strong fundamentals to support euro, since headwinds still exist in Europe with the euro zone debt crisis.
The euro is currently benefitting from the weaker dollar for now since Friday’s dismal nonfarm payrolls hit the greenback.
The euro zone Sentix index had little effect on the euro today. The investor sentiment index fell to -17.3 this month, its lowest level since last November and below a forecast for April of -13.1. The index stood at -10.6 in March.
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