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Yen recovers after japans government raises forecast
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 %
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