http://quotes.ino.com/chart/?s=NYBOT_DXY0Last trade
88.58 Change
-0.30 (-0.34%)http://www.fxstreet.com/nou/noticies/afx/noticia.asp?pv_noticia=1085978517-9e32d306-04108Forex - Dollar falls below 110 yen in early afternoon Tokyo tradeTOKYO (AFX-ASIA) - The dollar fell below 110 yen in early Tokyo afternoon, with participants in Asia testing the US unit's downside in illiquid market conditions, dealers said
Market analysts said a terrorist attack in Saudi Arabia added to market nervousness over already high oil prices
Dealers said they expect the dollar's bearish tone to remain intact over the short-term, with immediate support seen near 109 yen. "The dollar fell below 110 yen, triggering sell-stops (preset orders to sell the US unit), but I believe buying interest by local institutional investors should support the currency above the 109 yen level," said Koji Fukaya, chief market analyst at Bank of Tokyo-Mitsubishi
At 12.50 pm (0350 GMT), the dollar was at 109.75 yen after trading between 109.69-110.45 yen. It was down from 110.07 yen in Sydney earlier and 110.20 yen in late New York trade last Friday. The euro was at 1.2197 usd and 133.86 yen, trading in ranges of 1.2182-1.2244 usd and 133.74-135.74 yen. This compares with 1.2206 usd and 134.70 yen in late US trade on Friday
The outlook for the dollar remains mixed
"Short-term players seemed to have built long dollar positions over recent sessions, capitalizing on the dollar's weak trend, but I think (the market) positions remain mixed," Fukaya said, adding he anticipates the US unit to trade in a range of 109-114 yen through the end of June
Fukaya said that if US assets such as stocks remain solid, US interest rate increases would attract inflows of capital from foreign investors
"Unless concerns over inflation get serious, (interest rate hikes) should help the dollar over the long-term," Fukaya said. Traders Securities senior strategist Rikiya Takebe expressed a more pessimistic view, expecting the US unit to fall below 109 yen this week, on the back of expectations that foreign investors will actively purchases Japanese stocks and drive up the yen.
...more...I'm glad that you and your son went to the zoo and saw the 'roos, Ozy. A much better way to spend your day than at the "zoo" of the market :D
Have a Great Day Marketeers!
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore