Daily FX Commentary
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Daily FX Commentary
Fri, Sep 19 2008, 11:37 GMT
US Rescue plan weakens yen
The Japanese currency weakened to around 105 against the dollar after central banks provided additional liquidity on Thursday. The moves were very significant with total injections of over US$180bn and the Bank of Japan offering dollar liquidity for the first time.
As Wall Street initially struggled to sustain gains, the yen advanced back towards 104.0 in choppy trading conditions, but the Japanese currency then weakened to 105.70 as US equities rallied more strongly.
The US announced plans to ease the financial crisis through some form of bad-debt trust which would buy the debts from the banks. The move sparked a strong rally in regional asset prices on Friday and this sparked renewed yen losses
Money market conditions were still very tight as underlying stresses continued. There will also be major caution over the situation with underlying pressure for a de-leveraging liable to continue. The dollar pushed to highs around 107.70 as stock markets rallied strongly.
Published on Fri, Sep 19 2008, 11:38 GMT
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