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Yen recovers after japans government raises forecast


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#1 ⇑ Haut ⇑ 28-01-2013 09:34:49

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Yen recovers after japans government raises forecast

Morning Briefing : Yen recovers after japans government raises forecast

What’s new:
Asia: Major equity indices mixed this morning
Forex: The Yen recovers USD/JPY retreats to 90.78 against the euro down to 122.00
Forex: EUR/USD starts week on a fragile note slips to 1.3430 this morning
Davos: The World Economic Forum ended yesterday, no market moving comments

Overnight rates and Indices:
EUR/USD    1.3438    1.3471    -0.14 %
USD/CHF    0.9247    0.9288    -0.19 %
GBP/USD    1.5722    1.5803    -0.47 %
USD/JPY    90.68    91.26    0.12 %
EUR/CHF    1.2474    1.25073    -0.08 %
EUR/JPY    121.93    122.91    0.20 %
Dow Jones    13825.33    13895.98    0.51 %
Nasdaq    2726.73    2745.09    0.48 %
S&P 500    1494.82    1503.26    0.54 %
Nikkei 225    10824.31    11002.86    -0.93 %
Shanghai    2295.35    2346.92    2.40 %
Gold spot    1658.03    1662.51    0.11 %
Crude Oil    95.89    96.20    0.17 %

Comments:
The Japanese Yen recovered some of the losses from last week against its peers. USD/JPY retreats to 90.78 after trading as high as 91.26 earlier this morning. EUR/JPY almost hit 123.00 in early Monday trading (high 122.93) before coming down to below 122.00 again. This comes after Japan’s government raised its growth forecast for the next fiscal year. This is mainly due to a weaker yen and an improved global demand for Japanese exports.

Asian shares closed mixed on Monday. The Shanghai Composite in China closed in positive territory whereas the Nikkei finished the first trading day of the week in the red. Australia was closed due to a public holiday. There were no major economic indicators out this morning in Asia, Gold trades unchanged to Friday afternoons trading.

The World Economic Forum in Davos ended yesterday, we did not get any market moving comments in the final two days out of the Swiss resort. EUR/USD starts the trading week on a fragile note, giving back some of its gains after Fridays rally to 1.3480. The single currency trades roughly 50 pips below Friday’s high at the beginning of the European session.

For today traders should keep an eye on the Italian Bond Auction at 11 CET and Durable Goods out of the US at 14.30 cet.

Henry Philippson - Junior Trader - RTFX Ltd

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