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New York Yen Summary

Posted by Joseph Trevisani on Mar 14, 2013 4:46:00 PM

Dollar-yen opened US forex trading at 96.43, before jobless claims and producer price index, after trading in a 95.69 to 96.46 range.

Initially, dollar-yen spiked on the sharp decline in weekly US jobless claims with the pair testing highs near 96.60. Market players then took profit ahead of the Japanese Diet upper house's vote on Kuroda as BOJ head. 

Dollar-yen was later hard hit from the overall softer dollar tone seen on the day, sparked by gains in aussie and cable especially, along with the euro. Dollar-yen edge lower, filling bids in the 96.00/10 zone and then taking out European lows around 95.93 to revisit theovernight lows from Asia (95.69) before stabilizing at higher levels in early afternoon. Into the New York close, dollar-yen pressed higher and broke back above 96.00 to test 96.16 and then stalling.

Euro-yen saw a similar run-up, underpinned by euro demand, with the cross vaulting 125.00 125.04 briefly and then retreating beneath 125.00.

Dollar-yen was at 96.10 and euro-yen at 124.96 at 5:00 pm ET.




ScreenHunter 761 Mar. 14 17.04 resized 600


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