Futures Market News
Japanese yen advances against euro, greenback
Mar 19, 2012 09:33 AM
Monday saw the monetary unit of Japan driving higher in value against the common currency of the European Union as the currency gained from its lowest value in five months, Reuters reports.
As markets in the Pacific Rim nation prepare to observe a national holiday and close on Tuesday, the Japanese yen is set to resume enduring pressure in response to notching its lowest price in 11 months against the U.S. dollar. The nation's monetary unit is recovering from a surprise round of monetary easing applied by the Bank of Japan.
"If the BOJ continues to, month after month, push with new monetary easing measures and does enough to convince the domestic market in Japan that it is serious and credible in trying to raise the inflation rate to about 1 percent, then dollar/yen can probably continue to rise," chief strategist Ray Farris with Credit Suisse in Singapore told Reuters. "But it's still unclear just how aggressive the BOJ is willing to be."
Currencies are likely to endure some change as a consequence of a speech later today by William Dudley, president of the New York Federal Reserve.
Gains for the yen against the 17-nation currency and the world's reserve currency also were linked to conjecture about losses to the yen being overdone, Bloomberg reports.
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