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Yen continues to slide, EUR/USD above 1,35


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#1 ⇑ Haut ⇑ 30-01-2013 09:37:43

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Yen continues to slide, EUR/USD above 1,35

Morning Briefing : Yen continues to slide, EUR/USD above 1,35

What’s new:
Asia: Japanese stock rallies 2.27 % spurred by strong earnings result
Forex: YEN is selling off against the Euro
Forex: US GDP and FED ahead

Overnight rates and Indices:
EUR/USD                             1.3482    1.3516    0.14 %
USD/CHF                             0.9212    0.9227    -0.05 %
GBP/USD                            1.5742    1.5767    0.01 %
USD/JPY                                90.66    91.07    -0.37 %
EUR/CHF                           1.2426    1.24573    -0.20 %
EUR/JPY                                122.3    123.05    -0.51 %
Dow Jones                     13880.01    13969.99    0.52 %
Nasdaq                            2722.52    2749.44    0.04 %
S&P 500                          1498.09    1509.35    0.51 %
Nikkei 225                      10905.64    11113.95    2.27 %
Shanghai                           2347.89    2383.76    0.99 %
Gold spot                         1662.90    1668.97    0.22 %
Crude Oil                              97.32    97.66    0.09 %

Comments:
The Yen continued its decline against other major currencies during the Asian session, supported by another strong day for equities after good earnings results with investors  turning to higher-yielding assets. The Yen ended its consolidation and continued in the downtrend seen in the recent weeks. EUR/JPY is trading above 123 this morning and USD/JPY is surpassing  91 again, currently trading at 91.02. The Aussie Dollar did not see any major moves overnight whereas the New Zealand Dollar was retreating ahead of tomorrow`s central bank meeting in New Zealand.

The US Dollar trades lower ahead of the FED meeting,  at the weakest level against the Euro for over a year. The EUR/USD manages to surpass the psychologically important 1.35 level this morning after hovering for 16 hours just underneath that level.

We expect a couple of economic data points that could move the markets today such as the Euro Zone Consumer Confidence to be published at 11.00 cet and the GDP out of the US at 14.30 cet. Apart from the economic data Forex Investors will watch a speech by Mr. Monti in Brussels tonight and the announcement of the monetary policy decision of the US Federal  Reserve at 20.15 cet.

Henry Philippson - Junior Trader - RTFX Ltd

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