As reported at 4:04 p.m. (JST) in Tokyo, the U.S. Dollar lost ground versus the Euro, eliminating the gains made this week on speculation that the demand for the Greenback will be reduced if President Obama announces that U.S. auto makers will be getting further aid from the federal government. Michigan Senator, Debbie Stabenow, announced to reporters that the Obama auto industry task force will probably make the recommendation that more money should be made available to Detroit automakers. According to one analyst in Japan, those expectations will boost stock prices and increase risk appetite, thus weakening the U.S. Dollar.
The Japanese Yen also strengthened against the U.S. Dollar on the hope that domestic companies will bring their overseas earnings home to Japan before the quarter and financial year end on March 31st. One currency strategist in Singapore suggested that given the combined quarterly and fiscal end of the year, Japanese exporters and insurers will be soon looking to buy more Yen.
The U.S. Dollar lost some ground from yesterday’s trading, falling to $1.3587 against the Euro. Versus the Japanese Yen, the U.S. Dollar traded at 98.27 Yen, falling slightly from yesterday’s trade of 98.71 Yen. The Japanese Yen, meanwhile, traded at 133.55 Euro, up slightly from yesterday’s trade.
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Live FX Rates
| Symbol | Change | High | Low |
|---|
| EUR/USD | 0.0084 | 1.2623 | 1.2562 |
|---|---|---|---|
| AUD/USD | 0.0112 | 0.9879 | 0.9799 |
| EUR/GBP | 0.0038 | 0.8036 | 0.801 |
| EUR/JPY | 0.36 | 100.21 | 99.81 |
| GBP/USD | 0.0037 | 1.5716 | 1.5678 |
| USD/CAD | -0.0054 | 1.0271 | 1.0238 |
| USD/CHF | -0.0052 | 0.957 | 0.9532 |
| USD/JPY | -0.28 | 79.73 | 79.35 |
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