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Analytics, News, and Forecasts for CFD Markets: currency news — 26-12-2012.
The yen fell against the dollar to the lowest level since September 2010 as Japan’s Prime Minister Shinzo Abe said he would push for “bold monetary easing.”
Abe said in a speech in Tokyo today he would carry out a flexible fiscal policy. Taro Aso was named finance chief today. During his 12 months as prime minister through September 2009, the one-time Olympian compiled three extra budgets worth about 20 trillion yen, abandoned a target to balance the budget by March 2012 and distributed a 12,000 yen-per-person cash handout.
The Japanese currency slid versus all its major peers as minutes of the Bank of Japan’s November meeting showed that a board member suggested conducting open-ended asset purchases.
An unnamed BOJ board member said that an option would be to “clearly present” in a policy statement that the central bank would continue monetary easing, including asset purchases, “without setting any time frame” until 1 percent inflation is achieved, the minutes showed. The BOJ’s 76 trillion-yen ($890 billion) program that buys securities ranging from government bonds to stock funds will expire at the end of next year.
The Dollar Index fell as investors waited for U.S. Congress and President Barack Obama to resume talks on averting the so-called fiscal cliff.
Obama plans to leave his Hawaii vacation today and return to Washington, a White House aide said on condition of anonymity. Congress will resume negotiations tomorrow about more than $600 billion in tax increases and spending cuts due to take effect next month.
Markets in Canada, Australia and the U.K. were shut for a holiday.
Commodity currencies after the resumption of trading initially strengthened, and then found themselves under pressure to the USD, helped by falling stock markets and low trading volumes. Investors are also awaiting signs of progress in the negotiations on the "fiscal cliff" in the United States.
AUD/USD updated daily high at 1.0384, but then updated the 5-week low at 1.0344 and is now kept at 1.0360, only slightly below the opening level.
The Canadian dollar also weakened - USD / CAD from a low of 0.9915 jumped to a 3-day high at 0.9951 (0.3% intraday).
NZD / USD fell back to 5-week low at 0.8155, helped by decline in risk appetite.
Data
00:00 Switzerland Bank holiday
00:00 Eurozone Bank holiday
00:00 United Kingdom Bank holiday
00:00 Canada Bank holiday
In today's trading the Japanese currency weakened to the level of Y85 to the dollar, which was the first time since April 2011. This sharp decline was due to the news that Abe was confirmed as prime minister of Japan, and amid speculation that he will ask the central bank to increase the cash infusion into the economy.
Meanwhile, the yen fell against all major currencies, as the report of the Bank of Japan showed that a member of the Board of Directors proposed a public asset purchases.
Traders note that the currency collapse is also accelerated, after she overcame Level 85 yen per dollar, prompting with stop-loss orders.
In addition, the pressure on the currency was that the leader of the Liberal Democratic Party of Japan and its coalition partner - the head of the party "Komeito" Natsu Yamaguchi - yesterday agreed on a target for inflation of 2%. In addition, they decided to major in terms of stimulus package designed to support the growth of the Japanese economy and defeat deflation. Reviewing the legislation, according to the central bank of the country you are working, do not get up, but it can be discussed if the need arises.
Note that the yen has fallen this year by 13%, showing the biggest drop among the 10 major currencies. The second worst performance showed the dollar, which lost 2.8%.
EUR/USD: during the European session, the pair fell to $ 1.3185
GBP/USD: during the European session the pair fell $ 1.6123
USD/JPY: during the European session is around Y85.26-Y85.44
At 14:00 GMT the U.S. will index of housing prices in 20 major cities and nationwide composite price index S & P / CaseShiller for October, and 15:00 GMT Fed's manufacturing index for December of Richmond.
EUR/USD
Offers $1.3295/310, $1.3250/55, $1.3230/35, $1.3200
Bids $1.3125/15, $1.3100
AUD/USD
Offers $1.0530/35, $1.0510, $1.0500, $1.0480, $1.0450/55
Bids $1.0350, $1.0340
USD/JPY
Offers Y85.90, Y85.80, Y85.50, Y85.40
Bids Y83.80, Y83.50, Y83.40
EUR/JPY
Offers Y113.00, Y112.50, Y112.40
Bids Y111.80, Y111.60, Y111.50, Y111.20
00:00 Switzerland Bank holiday-
00:00 Eurozone Bank holiday-
00:00 United Kingdom Bank holiday-
00:00 Canada Bank holiday-
14:00 U.S. S&P/Case-Shiller Home Price Indices, y/yOctober +3.0%+3.9%
15:00 U.S. Richmond Fed Manufacturing IndexDecember 912
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