Market News

With investors watching closely for any last minute sales of the greenback by exporters from Japan on this, the final day of the first half of the Japanese fiscal year, the U.S. Dollar appears to be firmly rooted near this week’s low trade versus the Japanese Yen.

The U.S. Dollar, which has continued to struggle against major currencies over the past months, once again appears vulnerable to a further decline.

The U.S. Dollar managed to hold steady against the Japanese Yen, trading at 84.20 Yen, very near to the New York close, while the U.S. Dollar Index traded at 79.42 .DXY, distancing itself from Monday’s 7-month low.

In Asian trading today, profit-taking investors helped the U.S. Dollar rise against the Japanese Yen; as reported at 1:51 p.m. (JST) in Tokyo, the U.S. Dollar was trading against the Yen at 84.25 Yen.

The Japanese Yen dropped sharply versus the greenback and other major currencies in Asian trading today, leaving traders to wonder whether or not the Japan Ministry of Finance has once again intervened their currency’s upward movement.

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In advance of the meeting between Naoto Kan, the Japanese Prime Minister and the President of the United States, Barack Obama, the U.S. Dollar moved up versus the Japanese Yen, as well as the common currency Euro, in Asian trading today, rebounding from recent losses.

Comments issued by the U.S. Federal Reserve following their FOMC meeting yesterday pushed the U.S. Dollar down broadly in Asian trading today.

The greenback slipped in early London trading as cautious investors speculate that the U.S. Federal Reserve’s Open Market Committee may see the need for additional easing of monetary flows in the United States.

The common currency Euro gained slightly versus the greenback and Japanese Yen in Monday’s Asian trading, rebounding slightly from Friday’s fall which came as a result of renewed worries over the fiscal situation in Ireland.

A strong equity market in Asia helped to push up the common currency Euro versus the U.S. Dollar.

The Japanese Yen moved higher in Asian trading today, though investors remain skittish and worried that another intervention by the Ministry of Japan might be forthcoming should the U.S. Dollar slip below 85 Yen.

For the first time in more than six years, the Ministry of Finance in Japan has intervened in their currency’s appreciation by buying the U.S. Dollar repeatedly in Asian trading, forcing the Japanese Yen to plummet versus all major currencies.

The dollar dipped to an additional15-year low versus the JPY on Tuesday ahead of a Japanese ruling party leadership vote in which the prime minister will be presented with a challenge from a proponent of more aggressive fiscal stimulus.

In Asian trading today, the single currency Euro surged 1% higher against the U.S. Dollar as well as other major currencies, as automatic buy orders tripped following the release of encouraging economic data from China, among other things.|