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Market Review - 12/02/2007 22:49 GMT
Japanese yen rebounds after marking record low against euro
Although the Japanese yen fell initially to a record low of 159.00 against the euro in Asia after the G7's weekend statement did not indicate the yen’s recent weakness as a threat to global financial stability, position adjustments led to a rebound to 157.56 as finance ministers and central bankers from the G7 nations warned against making ‘one-way bets’ versus the Japanese currency.
Luxembourg Prime and Finance Minister Jean-Claude Juncker said the fall of the yen versus euro was a ‘problem’ as the decline is making European goods, especially cars, more expensive. European Central Bank President Jean-Claude Trichet said that the carry trades are ‘not appropriate’ after the G-7 meeting in Germany.
The yen also rebounded to 94.00 after making a four-year low of 94.91 against the Australian dollar. The greenback rose initially against the Japanese yen to 122.10 (just below last month’s high of 122.20) and then retreated to 121.59 mainly due to cross unwinding.
The single currency retreated sharply from 1.3037 to 1.2941 due to active cross unwinding versus Japanese yen together with the help of sharp fall in crude oil prices on Monday. The greenback rose against the Swiss franc from 1.2460 to 1.2553. The British pound tumbled from 1.9568 to 1.9438 as U.K. PPI input prices came in much lower than expected at -2.0% m/m and -1.6% y/y (against forecasts of -0.9% m/m and -0.4% y/y) together with speculation surrounding PM Blair's political scandal.
Tuesday will see the release of German and eurozone GDP data, U.K. CPI, German ZEW index, eurozone industrial production and U.S. trade balance. Federal Reserve Chairman Ben S. Bernanke will start two days of hearings in Congress on Feb. 14.
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www.AceTraderFX.com
Market Review - 12/02/2007 22:49 GMT
Japanese yen rebounds after marking record low against euro
Although the Japanese yen fell initially to a record low of 159.00 against the euro in Asia after the G7's weekend statement did not indicate the yen’s recent weakness as a threat to global financial stability, position adjustments led to a rebound to 157.56 as finance ministers and central bankers from the G7 nations warned against making ‘one-way bets’ versus the Japanese currency.
Luxembourg Prime and Finance Minister Jean-Claude Juncker said the fall of the yen versus euro was a ‘problem’ as the decline is making European goods, especially cars, more expensive. European Central Bank President Jean-Claude Trichet said that the carry trades are ‘not appropriate’ after the G-7 meeting in Germany.
The yen also rebounded to 94.00 after making a four-year low of 94.91 against the Australian dollar. The greenback rose initially against the Japanese yen to 122.10 (just below last month’s high of 122.20) and then retreated to 121.59 mainly due to cross unwinding.
The single currency retreated sharply from 1.3037 to 1.2941 due to active cross unwinding versus Japanese yen together with the help of sharp fall in crude oil prices on Monday. The greenback rose against the Swiss franc from 1.2460 to 1.2553. The British pound tumbled from 1.9568 to 1.9438 as U.K. PPI input prices came in much lower than expected at -2.0% m/m and -1.6% y/y (against forecasts of -0.9% m/m and -0.4% y/y) together with speculation surrounding PM Blair's political scandal.
Tuesday will see the release of German and eurozone GDP data, U.K. CPI, German ZEW index, eurozone industrial production and U.S. trade balance. Federal Reserve Chairman Ben S. Bernanke will start two days of hearings in Congress on Feb. 14.
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