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Forex: U.S. Yen Summary

Posted by Joseph Trevisani on Sep 30, 2013 6:28:00 PM

Dollar/yen opened in New York at 97.62 and eur/yen at 131.35, both lower than Friday's close of 98.27 and 132.93, with the yen perhaps receiving some safe haven buying with political problems in the EMU and the United States.

However, despite a brief dip initially 97.50 where substantial bids were expected but untested, the pair did not linger long enough for any bids to be filled, the dollar began to recover. Italian political news brought the eur/yen to 132.42 from 131.71, with the dollar moving up to 97.79 by about 10:30 am.  Both were helped by the better than expected U.S economic statistics, Chicago PMI, Milwaukee ISM and the Dallas Fed.

U.S equities, facing an excellent chance of a partial government shutdown from the open, began to buy back some of their losses about now, this boosted the dollar and moving into the London fix, stops up to and through 98.00 triggered driving first to 98.24, followed by consolidation just below 98.20 and then a further run above 98.30 to the day's high of 98.46, and eur/yen to 133.23. 

In the later afternoon the yen gathered around 98.30 and the cross around 132.90.

 

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Charts: Bloomberg

ScreenHunter 1848 Sep. 30 18.49

ScreenHunter 1849 Sep. 30 18.50

 

 

 

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