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YEN drops heavily, hits fresh 2.5 year loww


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#1 ⇑ Haut ⇑ 01-02-2013 09:43:32

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YEN drops heavily, hits fresh 2.5 year loww

Morning Briefing : YEN drops heavily, hits fresh 2.5 year loww

What’s new:
Asia: Yen retreats
US: S&P 500 posts best start since 1997
Forex: US Non-Farm payrolls due this afternoon

Overnight rates and Indices:
EUR/USD            1.3544    1.3584    -0.07 %
USD/CHF             0.9088    0.9118    -0.08 %
GBP/USD              1.5792    1.5835    0.16 %
USD/JPY                   90.75    91.15    0.23 %
EUR/CHF             1.2336    1.23704    -0.01 %
EUR/JPY                 122.99    123.72    0.30 %
Dow Jones    13896.95    13966.13    -0.31 %
Nasdaq              2732.05    2757.09    -0.17 %
S&P 500            1500.11    1509.94    -0.38 %
Nikkei 225         11007.77    11145.38    0.22 %
Shanghai             2371.23    2391.82    0.12 %
Gold spot             1673.03    1680.85    0.05 %
Crude Oil                    97.67    98.04    -0.04 %

Comments:
The No. 1 story in the Forex-Market this morning is the Yen’s weakness and the rallies in the Yen related pairs. The Japanese currency  drops to fresh 2 ˝ year lows amid speculation that the Prime Minister Abe will select a new head for the Bank of Japan; who is then expected to boost monetary stimulus in order to create inflation. EUR/JPY traded as high as 125.82 this morning,  this was more than 250 pips higher than 24 hours ago. USD/JPY hit 92.30 this morning.

Producer Prices in Australia came in slightly lower than expected overnight, supporting the latest weakness in the Aussie Dollar which trades at the weakest level since August 2011 against the neighbouring New Zealand Dollar.

US Equity markets in January posted their best start into the year for more than a decade. The 5.2% increase in the S&P 500 marks the best start into a year since 1997.
 
The focus of the financial markets today is on the most  widely watched economic data of the month - US Non-Farm payrolls published at 14.30 cet. Furthermore, University of Michigan Confidence data at 15.55 cet and ISM Manufactoring data are on the agenda as well.

Henry Philippson - Junior Trader - RTFX Ltd

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    YEN drops heavily, hits fresh 2.5 year loww



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