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The dollar reversed its decline against the yen on Thursday, but the move was not a sign of dollar strength, but rather a signal of yen weakness. Continue reading here
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Asian Session – Yen sold off as Japan considers further monetary stimulus
Posted on September 26, 2013 by the XM Investment Research Desk at 6:19 am GMT
The dollar reversed its decline against the yen on Thursday, but the move was not a sign of dollar strength, but rather a signal of yen weakness.
During the Asian session traders were focused on Japan and the likelihood of the Bank
of Japan implementing further bold monetary easing measures by unveiling a corporate tax-cut. Yen was sold off as a precaution.
Japanese Prime Minister Shinzo Abe is due to announce an economic stimulus package
on October 1.
USDJPY rose as high as 99.1 yen , up 0.5 percent and off a one-week low of 98.27yen touched in early hours.
EURUSD climbed as high as 133.91 yen, up 0.4 percent.
The dollar however remained weak against its other major counterparts as the US budget impasse kept it subdued.
The euro held onto most gains made against the dollar and EURUSD consolidated after rising to a high of $1.3536 in the late US session yesterday.
Sterling will be in focus later today since the UK will be releasing Final GDP data.
GBPUSD hit a high of $1.6087 yesterday and consolidated into a tight range.
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