Stock:
Symbol Lookup
Register | Login My Watchlist | My Account | Logout
History
to View Your Portfolio

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 2016 the year you get RICH!

Latest Headlines

China April official factory activity expands but at slower paceChina April official factory activity expands but at slower pace
BEIJING - Activity in China`s manufacturing sector expanded for the second month in a row in April but only marginally, an official survey showed on Sunday, raising doubts about the sustainability of ...
China April official manufacturing activity expands at slower pace of 50.1 - PMIChina April official manufacturing activity expands at slower pace of 50.1 - PMI
Activity in China`s manufacturing sector expanded more slowly than expected in April and marginally less than the previous month, an official survey showed on Sunday. The official Purchasing Manager...
7 Things You Should Know From Amazon's Earnings7 Things You Should Know From Amazon's Earnings
Amazon.com, Inc. (NADAQ:AMZN) delivered an amazing Q1 , posting its highest profit ever. Amazon’s presence in cloud computing with its Amazon Web Services has become a key the focus of the future tr...
Germany's Schaeuble in favor of lower income tax: newspaperGermany's Schaeuble in favor of lower income tax: newspaper
BERLIN (Reuters) - German Finance Minister Wolfgang Schaeuble is in favor of lowering income tax for workers and raising a relatively modest tax on investment income after next year`s federal election...
Buffett says Berkshire 'fine' with Trump or ClintonBuffett says Berkshire 'fine' with Trump or Clinton
OMAHA, Neb. (Reuters) - Warren Buffett said on Saturday that Berkshire Hathaway Inc is poised to do well no matter who wins the White House in November, and the billionaire investor defended the per...

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.

{localized={en_US=Terry}, preferredLocale={country=US, language=en}} {localized={en_US=Scott}, preferredLocale={country=US, language=en}}

Terry Scott
CEO of StockMarketWatch

View Profile


Learn the Stock Market

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

Be a Better
Trader, Today
arrow
PreMarket PRO Our New Streaming Realtime Pre-Market Product -- Click Here to Learn More