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Forex trends: yen touches multi-day lows versus its key counterparts

December 1, 2009 - 3:06am | Markets | News |
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Forex trends: yen touches multi-day lows versus its key counterparts

The Japanese unit plummeted across the board on Tuesday morning in Asia after the Bank of Japan said that it would hold an extraordinary policy meeting in the afternoon to discuss recent economic and financial developments. The yen, thus, tumbled to multi-day lows against most majors on speculation the central bank may intervene to halt the yen's strong gains registered in the recent past.

 
The Japanese stock market opened lower Tuesday and is still trading weak, with investors taking profits after Monday's sharp rebound. The benchmark Nikkei 225 index, which opened more than 50 points down at 9,281.8, is currently quoted as much as 9248, losing 97.5 points or 1.04% from its previous close.
 
The yen plunged to a 4-day low of 87.15 against the US dollar around 9:30 pm ET and this may be compared to 86.43 hit late New York Monday. The domestic unit has thus pared more than 2.6 percent versus the greenback since it touched a fresh 14-year high of 84.84 last week. A further downtrend may pull down the yen to breach the 90.0 support level.
 
The yen also drifted lower to 143.77 against the pound around 10:15 pm ET and thus heading close to yesterday's 4-day low of 143.97. GBP/JPY pair was worth 142.11 at Monday's New York close.
 
The yen also tumbled to a 5-day low of 86.93 against the franc and 131.11 versus the euro around 10:00 pm ET. The Japanese currency that closed Monday's North American trading at 86.0 versus the franc and 129.68 against the euro is presently quoted at 86.9 and 131.05, respectively.
 
Yen also revealed weakness versus the commodity related currencies, kiwi, loonie and assie.
 
The yen slumped to a 5-day low of 79.98 against the Australian dollar and 82.64 versus the Canadian dollar around 9:45 pm ET, compared to Monday's New York session closing values of 79.19 and 81.86, respectively. The next downside target levels for the yen are seen at 80.1 against the aussie and 83.0 versus the loonie.
 
Against the NZ dollar, the Japanese currency drifted lower to 62.52 around 9:50 pm ET and thus heading closer to yesterday's 4-day low of 62.63. NZD/JPY pair, which closed Monday's North American deals at 61.91, is presently quoted at 62.46.



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Tags keywords: Asian session | CHF | currency rate | EUR | forex | GBP | JPY | North American session | Stock market | USD
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