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 2014 the year you get RICH!

Latest Headlines

In green car race, Toyota adds muscle with fuel-cell launchIn green car race, Toyota adds muscle with fuel-cell launch
TOYOTA CITY, Japan/IRVINE, California (Reuters) - In 1997, Toyota caught its competitors by surprise with the revolutionary Prius, the first commercially successful gasoline-electric hybrid car. Now...
SanDisk sees solid-state drive bonanza boosting marginsSanDisk sees solid-state drive bonanza boosting margins
SAN FRANCISCO (Reuters) - SanDisk Corp <SNDK.O> increased its outlook for gross margins in 2014 as fast-growing sales of its high-end solid-state drives helped offset volatile prices for memor...
Google misses revenue target, ad prices slideGoogle misses revenue target, ad prices slide
SAN FRANCISCO (Reuters) - Google Inc`s first-quarter revenue fell short of Wall Street targets and margins narrowed as the price of its ads continued to decline, underscoring the challenges Internet...
Former Bridgestone executive to plead guilty to price fixing: U.S. Justice DeptFormer Bridgestone executive to plead guilty to price fixing: U.S. Justice Dept
WASHINGTON (Reuters) - A former sales manager for Bridgestone Corp <5108.T> has agreed to plead guilty and serve 18 months in prison for participating in a conspiracy to fix the prices of rubber...
French economy minister urges talks over euro strengthFrench economy minister urges talks over euro strength
PARIS (Reuters) - France wants euro zone countries to meet soon in order to discuss the euro`s strength and monetary policy, French Economy Minister Arnaud Montebourg said in a newspaper interview. ...

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.