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.
Don’t Miss Our News Updates!
Share dt News:
Follow our breaking news stories and get a unique take on current events that may impact the commodity futures markets. Multiple new articles are posted each weekday. Subscribe to our commodity news updates by email, and receive real-time updates with our RSS feed, follow us on Twitter @DanielsTrading, become a fan on Facebook to stay informed.
SPECIAL OFFER: Futures Traders’ Guide to the WASDE
Improve Your Understanding of the Grain Markets!
With this guide, you will learn how to use these fundamental reports to forecast the price of Corn, Soybeans and Wheat. Now that the markets are open during the release of the WASDE, understanding how this very important USDA report can impact the markets is as critical as ever.
Special Offer
Register for Your Free 2-Week Trial of the dt Insider Market Advisory!
With your free trial membership, you'll receive full access to our exclusive trade recommendation service and all of the timely and accurate trade information you need to feel comfortable participating in the markets.
