Stock:
Symbol Lookup
Register | Login
...
History
...
...

Pre Market | Dow Jones | Gold | Newsletters | Learn


Forex Market Update: Yen Edges Up Against the Dollar, but Gains are Expected to be Short-Lived

Wednesday, March 13, 2013 9:55 AM
U.S. dollar edged lower against the Japanese yen on Wednesday as weakness in Japanese equities triggered profit booking from short term speculators. At around 4:50 a.m. GMT, the U.S. dollar traded at 95.76 yen down from 96.08 yen in New York on Tuesday. According to the Wall Street Journal, traders said that the U.S. dollar’s jump to nearly 3-½ year high last week was too fast and market participants were looking at an opportunity to take a pause. “We have seen some profit taking in dollar/yen which has helped the yen recover ground,” said Adam Myers, European head of FX strategy at Credit Agricole, according to Reuters. However, any sharp rebound for yen is highly unlikely as the market participants expect more aggressive economic stimulating measures from the Bank of Japan—in case Kuroda is approved as the governor of Bank of Japan. Further loosening of monetary policy will increase the supply of yen in the system which in turn, weakens the currency. “But with the nomination process likely to go through, even for Iwata, we could see that end and dollar/yen will resume its uptrend,” added Myers Later this week the Japanese parliament will vote to approve the new Bank of Japan leadership troika: Mr. Iwata as a deputy governor, governor nominee Haruhiko Kuroda and another deputy contender Hiroshi Nakaso. While Kuroda has already made it clear that the BOJ would do everything possible to lift the country’s inflation rate to 2%, deputy-governor hopeful Iwata is also known for his extremely dovish views. On Tuesday, Japan’s major opposition party, the Democratic Party of Japan, warned that it will vote against Mr. Iwata's appointment as deputy governor due to his extremely dovish stance on monetary policy. However, his appointment is almost certain as he enjoys support from other opposition parties as well.
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2015 the year you get RICH!

Latest Headlines

Deutsche Bank first-quarter profit falls by half as legal charges biteDeutsche Bank first-quarter profit falls by half as legal charges bite
FRANKFURT (Reuters) - Deutsche Bank`s <DBKGn.DE> earnings fell by half in the first quarter, a greater-than-expected drop as hefty legal charges eroded gains in investment banking revenue, whi...
Deutsche Bank first-quarter profit falls by half as legal charges biteDeutsche Bank first-quarter profit falls by half as legal charges bite
FRANKFURT (Reuters) - Deutsche Bank <DBKGn.DE> saw net profit fall by half to 559 million euros ($608.1 million) in the first quarter versus a year ago as hefty legal charges eroded gains from a...
Pop Milano sits pretty as Italy cooperative banks brace for M&APop Milano sits pretty as Italy cooperative banks brace for M&A
MILAN (Reuters) - At least five investment banks are vying to win a mandate from Banca Popolare di Milano (BPM) <PMII.MI> and find it a partner as Italian cooperative lenders gear up for a wav...
SEC's stock market reform club locks out retail brokersSEC's stock market reform club locks out retail brokers
NEW YORK (Reuters) - The U.S. Securities and Exchange Commission is convening a group of financial industry veterans for the first time next month to consider stock market reforms, but one group wil...
Nokia denies return to phone manufacturingNokia denies return to phone manufacturing
HELSINKI (Reuters) - Finland`s Nokia denied reports in Chinese media that it planned to return to manufacturing phones. "Nokia notes recent news reports claiming the company communicated an intentio...

Loading Headlines...
 

Stock Market

Track the stock market today with the latest news and information on all things investing! Watch your stocks perform throughout the day and watch the breaking stock market news.

Feedback | disclaimer | privacy policy

Stock Market News

The Stock Market is ever changing. Keep up on your stock market news.

Stock Market Newsletters

Read up on your favorite stock market newsletters.


Learn the Stock Market

Sharper your stock trading skills with our stock market education section.

Algorithm Based
Trade Signals
arrow
small cap swing trades Futures Day Trading System S&P + Crude Oil Signals
Autotrading Autotrade Stocks Try for Free!