By: Barbara Zigah
The momentum of yesterday’s Wall Street rally did not carry into Asia, where some areas of the continent are celebrating a holiday. Even so, the common currency Euro held its own today, close to a 2-week peak versus the U.S. Dollar in subdued Asian trading. As reported at 3:21 p.m. (JST) in Tokyo, the Euro was trading at $1.2335; yesterday, it had struck $1.2350, a .9% gain, and the highest trade since early June. Yesterday’s .9% increase in the Euro can be attributed to whetted risk appetite, with investors temporarily laying aside their Euro-zone worries. Versus the Japanese Yen, the Euro held steady, trading at 112.80 Yen; yesterday it struck 113.00 Yen, the highest level is 2-weeks.
One analyst noted that the markets are waiting to see if there is a rebound in the equity markets today. If so, currencies such as the Australian and New Zealand Dollars, which are equity-sensitive, will likely be in focus. The Australian Dollar held close to a 1-month peak against the U.S. Dollar trading at $0.8645. Versus the Japanese Yen, the Aussie traded at 79.05 Yen, a slip of .1%. The New Zealand Dollar slipped against the greenback to $0.6945, a loss of .6%.
In Asia, Euro Eases off U.S. Dollar after Striking 2-week Peak
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.