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Japanese Yen Slips in Asian on Whetted Risk Appetite

By Barbara Zigah

After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.

By: Barbara Zigah
The Japanese Yen fell versus major currencies in Asian trading today as investors sought instead higher risk, growth-linked assets following positive earnings reports from the United States. The common currency Euro, extending gains from an earlier rebound, rose an additional .3% to trade at 129.94 Yen on the EBS platform; on Monday, it struck 123.15 Yen, a new 3-week low.   Versus the Australian Dollar, the Japanese Yen slipped to AU$ 86.05, slightly off from yesterday’s New York trade of AU$ 85.36. Market players expect that the Reserve Bank of Australia will soon hike a key interest rate, given the outcome of yesterday’s policy meeting which suggested that it would be imprudent to delay.


Also in Asia, investors are anxious to see whether the Reserve Bank of India will raise interest rates. Last week’s monetary policy tightening in Singapore kindled talk of the revaluation of the Chinese currency, sending the U.S. Dollar down broadly. One forex manager in a Japanese bank commented that investors will keenly watch for signs of a more hawkish posture by Asian central bankers, and if Australia and India’s central banks take that more hawkish tone, then other central banks within Asia will likely soon follow.



Barbara Zigah
About Barbara Zigah

After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.

 

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