Currency Headlines
Yen Rises After Aso Rules Out Japan’s Foreign-Debt Buying
The yen strengthened for the first time in three days against the dollar as Japanese finance minister Taro Aso said the government doesn’t intend to purchase foreign bonds to end deflation by weakening the currency.
The yen rose from near the weakest since May 2010 versus the U.S. currency as his comments countered those of Prime Minister Shinzo Abe who said yesterday buying foreign bonds “exists as one idea” for monetary policy. South Africa’s rand slid as clashes between labor unions at a mine spurred concern of a repeat of violence that curbed production last year. Australia’s dollar rose as the central bank said an improved global outlook spurred commodity prices.
The yen rose 0.4 percent to 93.61 per dollar at 9:56 a.m. in London after depreciating to 94.46 on Feb. 11, the weakest level since May 5, 2010. Japan’s currency gained 0.3 percent to 125.03 per euro. The euro was little changed at $1.3357.
Japanese officials have toned down calls for a weaker yen to help exporters after trade partners complained the nation risked setting off a currency war. Since Abe called for unlimited money printing by the central bank when he was opposition leader on Nov. 15, the yen has slid 13 percent against the dollar, the biggest drop among major currencies.
Pound Rises From 7-Month Low Before U.K. Jobless Report
The pound rose from the lowest level in more than seven months versus the dollar as economists said a report tomorrow will show U.K. unemployment claims dropped for a third month in January.
Britain’s currency was little changed against the euro before the Bank of England releases the minutes of its Feb. 7 meeting tomorrow. The pound weakened yesterday after central bank policy maker Martin Weale endorsed the currency’s decline, saying it may help bolster exports. U.K government bonds were little changed, with the 10-year yield about seven basis points from the highest level since April.
The pound gained 0.1 percent to $1.5487 at 10:11 a.m. London time after sliding to $1.5438 yesterday, the lowest since July 13. Sterling traded at 86.28 pence per euro.
Jobless claims declined by 5,500 from December, when they dropped 12,100 to 1.56 million, the lowest since June 2011, according to the median estimate of 24 analysts in a Bloomberg News survey. The London-based Office for National Statistics will release the data tomorrow.
The pound has depreciated 4.5 percent this year, the second-worst performer after the yen among 10 developed-market currencies tracked by Bloomberg Correlation-Weighted Indexes.
TECHNICAL INSIGHT USDINR FEB 2013
The pair has shown strong momentum on upside. Some Cool-Off can be expected after sharp up move in past few sessions.
Buy near 54.20 SL 54.05 TGT 54.40/54.60 OR Sell near 54.60 SL 54.75 TGT 54.40/54.20
EURINR FEB 2013
The pair may open with huge gap (Up or Down) as Forex market opens after 2 days, with global markets open during this period. Its prudent to take a bet after 1st hour of trade.
GBPINR FEB 2013
Forex market opens after 2 days, wait for 1st hour then take a view.
JPYINR FEB 2013
Given uncertainty in USDJPY globally, the pair can have Gap up OR Gap down open. Its better to take any call after watching the 1st hour of trade in USDINR
Yen Rises After Aso Rules Out Japan’s Foreign-Debt Buying
The yen strengthened for the first time in three days against the dollar as Japanese finance minister Taro Aso said the government doesn’t intend to purchase foreign bonds to end deflation by weakening the currency.
The yen rose from near the weakest since May 2010 versus the U.S. currency as his comments countered those of Prime Minister Shinzo Abe who said yesterday buying foreign bonds “exists as one idea” for monetary policy. South Africa’s rand slid as clashes between labor unions at a mine spurred concern of a repeat of violence that curbed production last year. Australia’s dollar rose as the central bank said an improved global outlook spurred commodity prices.
The yen rose 0.4 percent to 93.61 per dollar at 9:56 a.m. in London after depreciating to 94.46 on Feb. 11, the weakest level since May 5, 2010. Japan’s currency gained 0.3 percent to 125.03 per euro. The euro was little changed at $1.3357.
Japanese officials have toned down calls for a weaker yen to help exporters after trade partners complained the nation risked setting off a currency war. Since Abe called for unlimited money printing by the central bank when he was opposition leader on Nov. 15, the yen has slid 13 percent against the dollar, the biggest drop among major currencies.
Pound Rises From 7-Month Low Before U.K. Jobless Report
The pound rose from the lowest level in more than seven months versus the dollar as economists said a report tomorrow will show U.K. unemployment claims dropped for a third month in January.
Britain’s currency was little changed against the euro before the Bank of England releases the minutes of its Feb. 7 meeting tomorrow. The pound weakened yesterday after central bank policy maker Martin Weale endorsed the currency’s decline, saying it may help bolster exports. U.K government bonds were little changed, with the 10-year yield about seven basis points from the highest level since April.
The pound gained 0.1 percent to $1.5487 at 10:11 a.m. London time after sliding to $1.5438 yesterday, the lowest since July 13. Sterling traded at 86.28 pence per euro.
Jobless claims declined by 5,500 from December, when they dropped 12,100 to 1.56 million, the lowest since June 2011, according to the median estimate of 24 analysts in a Bloomberg News survey. The London-based Office for National Statistics will release the data tomorrow.
The pound has depreciated 4.5 percent this year, the second-worst performer after the yen among 10 developed-market currencies tracked by Bloomberg Correlation-Weighted Indexes.
TECHNICAL INSIGHT USDINR FEB 2013
The pair has shown strong momentum on upside. Some Cool-Off can be expected after sharp up move in past few sessions.
Buy near 54.20 SL 54.05 TGT 54.40/54.60 OR Sell near 54.60 SL 54.75 TGT 54.40/54.20
EURINR FEB 2013
The pair may open with huge gap (Up or Down) as Forex market opens after 2 days, with global markets open during this period. Its prudent to take a bet after 1st hour of trade.
GBPINR FEB 2013
Forex market opens after 2 days, wait for 1st hour then take a view.
JPYINR FEB 2013
Given uncertainty in USDJPY globally, the pair can have Gap up OR Gap down open. Its better to take any call after watching the 1st hour of trade in USDINR
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