Earlier today the Yen advanced against all of its major peers after trader's considered recent Yen losses to be overdone.
With little data to influence trading in the next few days, investors have been using the lull in order to take gains.
This saw the Dollar earlier snapping back, after having advanced recently against the Yen following better than anticipated U.S. payrolls data.
On Friday the U.S. Labor Department's data had shown that payrolls had expanded by more than had been expected and that the jobless rate stood at 7.5%. The question now is whether the U.S. growth can be sustained and to what extent.
After having touched 99.45 Yen on Monday, many consider the Dollar-Yen at 99 to be a good profit taking area, as expectations are that more drivers would be needed to push the pair to the 100 level.
Japanese markets reopened today following a four-day holiday weekend.
Earlier today the Yen advanced by 0.2% to 99.10 per Dollar and by 0.2% to 129.65 per Euro. The Euro remained little changed at $1.3084.
This saw the Dollar earlier snapping back, after having advanced recently against the Yen following better than anticipated U.S. payrolls data.
On Friday the U.S. Labor Department's data had shown that payrolls had expanded by more than had been expected and that the jobless rate stood at 7.5%. The question now is whether the U.S. growth can be sustained and to what extent.
After having touched 99.45 Yen on Monday, many consider the Dollar-Yen at 99 to be a good profit taking area, as expectations are that more drivers would be needed to push the pair to the 100 level.
Japanese markets reopened today following a four-day holiday weekend.
Earlier today the Yen advanced by 0.2% to 99.10 per Dollar and by 0.2% to 129.65 per Euro. The Euro remained little changed at $1.3084.
The Euro remained subdued against the Dollar ahead of reports that are expected to show that German and French factory activity has slowed.
German factory orders have likely dropped by 0.5%, while French factory activity may have contracted by 0.3%.
European Central Bank (ECB) President Mario Draghi said Monday that "We will be looking at all the data that arrives from the Euro-area economy in the coming weeks and, if necessary, we are ready to act again."
Only last week the ECB cut its benchmark rate to a record low 0.5%. Draghi had said at the time, that ECB policy makers have had an open mind on a negative deposit rate.
I expect that the Euro will continue to drop in the short term at least, as Europe remains likely to underperform as against the U.S. economy this quarter.
The Aussie declined against all of its major peers and by 0.6% to $1.0189 following the Reserve Bank of Australia's decision to cut borrowing costs to a record low 2.75%, a move predicted by some economists.
German factory orders have likely dropped by 0.5%, while French factory activity may have contracted by 0.3%.
European Central Bank (ECB) President Mario Draghi said Monday that "We will be looking at all the data that arrives from the Euro-area economy in the coming weeks and, if necessary, we are ready to act again."
Only last week the ECB cut its benchmark rate to a record low 0.5%. Draghi had said at the time, that ECB policy makers have had an open mind on a negative deposit rate.
I expect that the Euro will continue to drop in the short term at least, as Europe remains likely to underperform as against the U.S. economy this quarter.
The Aussie declined against all of its major peers and by 0.6% to $1.0189 following the Reserve Bank of Australia's decision to cut borrowing costs to a record low 2.75%, a move predicted by some economists.
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