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Dukascopy Morning Forex Overview: 14/09/2010
Previous session overview
The yen rose to a fresh 15-year high against the dollar in Asia on Tuesday on speculation that Ichiro Ozawa, a strong proponent of yen-selling foreign exchange intervention, may fail in his bid to oust Prime Minister Naoto Kan in a party vote to take place later today.
Recent polls have fed the view that Kan may fend off Ozawa's bid in the ruling Democratic Party of Japan's presidential election, which will determine whether Kan remains as the country's leader or cedes that position to Ozawa. While Kan has suggested Japan could wade into currency markets to curb the yen's strength, Ozawa has been much more direct in pushing for such a move.
Earlier in the day, overseas model hedge funds, financial institutions and Japanese exporters sold the dollar against the ...
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Dukascopy Afternoon Forex Overview: 13/09/2010
Previous session overview
The euro gained sharply against the dollar Monday as better-than-expected Chinese data teamed with an upwardly revised forecast for euro-zone growth to boost sentiment, leading investors out of the safe-harbor greenback into higher-yielding currencies.
A weekend agreement hammered out for a framework on new global banking rules that aim to avoid another financial meltdown also helped buoy riskier assets.
With worries over the health of the global banking system and concern over the pace of global growth both eased, investors also got a green light to bid higher the Australian and Canadian dollars, commodity-linked currencies that are considered tied to positive global economic activity.
The ICE Dollar Index, which tracks the greenback against a trade-weighted ...
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Dukascopy Morning Forex Overview: 13/09/2010
Previous session overview
The euro rose against the dollar and yen in Asia Monday as investors speculated that a pickup in Chinese economic growth, as reflected in data over the weekend, would buoy risk-sensitive assets such as the common currency in the months ahead.
Also helping the euro was relief that new capital standards for banks agreed to Sunday by the Basel Committee on Banking Supervision were less stringent than expected. Dealers said the single unit would likely continue gaining throughout the global day as players in European and U.S. markets reacted to the developments.
At 0350 GMT, the euro was at USD1.2786, up from USD1.2712 late Friday in New York.
The euro was up against its U.S. counterpart also as non-Asian investor's triggered stop-loss buying orders above USD1. ...
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Dukascopy Afternoon Forex overview : 10/09/2010
Previous session overview
The U.S. dollar fell against commodity-backed currencies such as the Australian dollar Friday as positive Chinese economic data fueled bets on currencies closely tied to the pace of global growth.
The Chinese data continue a rally sparked Thursday on the heels of better-than-expected economic data in the U.S. and Australia, allaying some worry that a global recovery could be slowing.
But lingering worries of the euro zone's issues of sovereign debt and fresh memories of recently disappointing U.S. data are likely to keep the lid on any gains in the euro, which was nearly flat against the dollar.
The ICE Dollar Index, which tracks the U.S. currency against a trade-weighted basket of others, was at 82.805 from 82.649.
The dollar gained against the yen on a day ...
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Dukascopy Morning Forex overview : 10/09/2010
Previous session overview
The dollar broke above JPY84 after the Japanese government further turned up the heat on the central bank, saying a rapid or prolonged strengthening of the yen could disrupt Japan's economy and financial conditions.
As of 0450 GMT, the dollar was at JPY84.07 after hitting a high of JPY84.30 in early afternoon trade. Traders said the rise was capped by Japanese exporters repatriating funds at a slightly more favorable rate after the dollar fell to JPY83.34 earlier in the week, a 15-year low. The dollar was at JPY83.83 in late New York trading Thursday.
The dollar benefited from upbeat U.S. economic data, which showed a large drop in first-time jobless claims and a narrowing of the U.S. trade deficit as exports picked up to the highest since August 2008.
The ...
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Dukascopy Afternoon Forex overview : 09/09/2010
Previous session overview
The euro gained modestly on the dollar Thursday after better-than-expected U.S. data allayed some worry over the pace of the economic recovery, leading investors into higher-yielding currencies.
The common currency also benefited from a successful auction of Irish government debt, further soothing investor nerves that had been on alert after recent concerns over the efficacy of European bank stress tests.
The U.K. pound, meanwhile, fell against its rivals after the U.K. trade deficit rose to its widest on record. The Bank of England also left key interest rates unchanged.
The ICE Dollar Index, which tracks the dollar against a trade-weighted basket of currencies, was at 82.521 from 82.608.
The U.S. trade deficit contracted sharply in July, posting its biggest ...
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Dukascopy Morning Forex overview : 08/09/2010
Previous session overview
Renewed threats by Japan's Minister of Finance Yoshihiko Noda to take "decisive steps" to stop the rise in the yen failed to deter the market Thursday, but they at least stopped traders from pushing the currency to yet another 15-year high against the dollar.
After falling to its lowest level since May 1995 at JPY83.34 yesterday after similar remarks by the finance minister, the dollar managed to stabilize today, briefly climbing above the JPY84 level. At 0450 GMT it was at JPY83.77, from JPY83.92 in late New York trading.
The market was even less impressed with comments by Bank of Japan Gov. Masaaki Shirakawa, who defended the central bank's steps to date and rejected many of the more radical steps being urged on them, such as increased purchases of JGBs to ...
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Dukascopy Morning Forex Overview : 08/09/2010
Previous session overview
Brushing aside the escalating war of words by Japanese officials directed at the rising yen, risk-averse investors piled into the safe-haven currency Wednesday, pushing it to a new 15-year high against the U.S. dollar.
The dollar fell to a fresh low of JPY83.34, compared with JPY83.80 late Tuesday in New York. The dollar was at JPY83.49 as of 0450 GMT.
Japan Finance Minister Yoshihiko Noda was the latest official to warn markets that Japan was ready to act, specifically raising the specter of intervention for the first time.
The ICE Dollar Index, which tracks the dollar against a trade-weighted basket of currencies, was at 82.721 from 82.815 late New York.
The euro also fell against the yen and was hit by the continued focus on potential problems among ...
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Dukascopy Afternoon Forex Overview : 02/09/2010
Previous session overview
The euro ticked slightly higher against the dollar Thursday, finding support from a successful auction of Spanish government debt that was taken as another sign that concerns over euro-zone sovereign issues have faded to the background.
The euro was steady after the European Central Bank early Thursday left key interest rates unchanged.
The ICE Dollar Index, which tracks the greenback against a trade-weighted basket of currencies, was at 82.373 from 83.510.
The Spanish Treasury Thursday sold EUR3.31 billion of a five-year government bond at its first bond auction since Aug. 5, near the lower end of its target range but at an average yield lower than secondary market levels, signaling quality bids.
The auction took place against a mixed backdrop. On the ...
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