Market News

The U.S. Dollar slipped versus the Japanese Yen in Asian trading as market players booked profits on the U.S. currency’s rebound in advance of today’s release of U.S. labor data.

Both the U.S. Dollar and the Japanese Yen slipped in Asian trading today following the announcement by Bank of America that it intends to repay the TARP (Troubled Asset Relief Program) funds over the coming week, to the tune of $45 billion.

The Japanese Yen struggled while the U.S. Dollar held steady in Asian trading today against high-yielding currencies such as the Australian Dollar and the single currency Euro. Investors’ risk appetite was also boosted by the recent rises in the commodity and stock markets.

Investor expectations were dashed when the Bank of Japan failed to take bolder measures in an effort to halt the Japanese Yen’s rise; according to the communiqué, the BOJ will be introducing a facility to provide fixed rate funds for a 3-month period at a rate of .1%.

Market fears about the potential default of mounting debt in the United Arab Emirates has been assuaged, following the central bank’s move to provide emergency assistance to Dubai’s financial institutions.

The Japanese Yen continues to rise versus the U.S. Dollar, touching on its highest trade in 14 years. As reported at 3:31 p.m. (JST) in Tokyo, the Yen traded at 84.82 Yen, the highest point since 1995, before retreating to 86.05 Yen, a .6% rise on the day.

Investor speculation that Japan’s central bankers will permit the continued appreciation of the Japanese Yen led to that currency’s 14-year peak against the U.S. Dollar in trading in Asia.

In Asian trading today, the U.S. Dollar fell to its lowest point in 7-weeks versus the Japanese Yen in Asian trading today. As reported at 1:53 p.m. (JST) in Tokyo, the U.S. Dollar slipped to 88.20 Yen, approaching the 88.01 Yen low of early October.

Following four downtrending days attributed to a rising stock market and record setting gold prices, the Australian Dollar finally saw broad gains in Asian trading today.

Global Equity Markets were mixed across the board yesterday. In the U.S, the DJIA recovered most of its losses after losing nearly 100 points following the poorer than expect housing data numbers.

The Japanese Yen traded close to a 5-week peak versus the U.S. Dollar on speculation that there is growing pressure on Japan’s banks to raise capital. As reported at 6:51 a.m. (GMT) in London, the Yen was trading at 89.15 Yen against the U.S. currency, off of yesterday’s peak of 88.74 Yen in New York.

The slide of the U.S. Dollar continues the 15-month downtrend in Sydney trading today, reinforced by the Federal Reserve stance to maintain the status quo. On Monday, the Chairman of the U.S.

The “official” rhetoric regarding the possible appreciation of the Chinese Yuan continues while market players’ belief of the same receded.

As reported at 10:23 am in Sydney, the U.S. Dollar held onto small gains in Friday’s Asian trading following another round of investor profit-taking.

Buoyed by better than expected jobs data and firmed commodity prices, the Australian Dollar reached a new 15-month high versus the U.S. currency in Asian trading today.