The Japanese yen marked slight losses on Tuesday against the world's reserve currency after achieving its largest gains in about 11 weeks against its cross-Pacific rival during the Monday trade session, according to Bloomberg.
While the U.S. Federal Reserve is aspiring to close its monetary stimulus program later this year, that of the Bank of Japan is likely to continue. Shinzo Abe, since becoming prime minister in December 2012, has helped implement stimulus measures as a strategy of spurring growth and development within the world's third-largest economy.
"I think we will trade 103.50 yen to 105.00 yen this week," FX trader Jeffrey Halley with Saxo Capital Markets in Singapore told Reuters on Tuesday. "There are still stops under 103.80 yen that I think will get taken out once the buying ahead is cleared."
The yen moderately fell 0.1 percent on Tuesday against the U.S. dollar after having marked advances of 0.6 percent against the greenback on Monday.
The yen emerged as the worst-performing major monetary unit of 2013 against the U.S. dollar due to the aggressive monetary stimulus measures of the Bank of Japan, Reuters reports.
Risk Disclosure
The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided. References to over-the-counter (“OTC”) products or swaps are made on behalf of StoneX Markets LLC (“SXM”), a member of the National Futures Association (“NFA”) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ (“ECP”) and who have been accepted as customers of SXM. StoneX Financial Inc. (“SFI”) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI does business as Daniels Trading/Top Third/Futures Online. SFI is registered with the U.S. Securities and Exchange Commission (“SEC”) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Adviser. References to securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to exchange-traded futures and options are made on behalf of the FCM Division of SFI.
Trading swaps and over-the-counter derivatives, exchange-traded derivatives and options and securities involves substantial risk and is not suitable for all investors. The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security. It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX group of companies to enter into any transaction with you. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc.
© 2021 StoneX Group Inc. All Rights Reserved
