The following Forex news reports are the latest developments of the Forex market. The news reports are updated frequently and include all the events that affect the foreign exchange trading industry.
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In the wake of a huge selloff during the Asian trading session, the Japanese Yen held close to a 2 ½ year low versus the U.S. Dollar as market players too their positions ahead of whatever bold steps the Bank of Japan might be coerced into taking at their upcoming monetary policy meeting.
The U.S. Dollar edged lower for the third consecutive day against the Japanese Yen as one member of the Japanese government reiterated its warning that the Japanese economy could be unduly harmed by the Yen’s continued weakness.
The Japanese Yen firmed against its major rivals as traders unwound their sell positions following comments made by Akira Amari, the Japanese Economics Minister, who said that the Yen’s excessive and prolonged weakness was likely to raise the price of imported goods and could hurt some people’s livelihoods.
During the Asian trading session, the U.S. Dollar held close to an 11-month trough versus the common currency Euro following comments made by Ben Bernanke who suggested that the ultra loose monetary policy was likely to be in place for many months to come.
The Japanese Yen struck a fresh multi-year low against the U.S. Dollar during the Asian trading session following the government’s call on the central bank to establish a new medium term inflationary target.
The Japanese Yen fell to a multi-year low against the U.S. Dollar during the Asian trading session following new comments made by the Prime Minister who indicated that the Japanese central bank should include the maximization of employment as one of its policy goals along with its mandate to ensure price stability.
Japanese stock prices have risen approximately 20 percent in the past two months as the country’s currency has weakened consistently. The Nikkei 225 gained for a second day, rising 0.7 percent to a 10,652.64 close.
The U.S. Dollar firmed against the Japanese Yen during the Asian trading session after a fall from a 2½-year peak encouraged traders to buy the greenback on the dip.
The Euro steadied versus the Japanese Yen during the Asian trading session regrouping from the earlier struck low following comments made by Japan’s Finance Minister who said that the country would purchase the Eurozone’s bailout fund bonds which were issued by the European Stability Mechanism.
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The yen rallied from a 2 1/2 year low against the dollar on Monday. The yen’s relative strength index versus the dollar slid to 15.5 on Jan. 4, the least since December 2001 and below the 30 level that traders view as a signal that an asset’s price has fallen too fast.
The U.S. Dollar continued to edge higher against the Japanese Yen during the Asian trading session, striking a 2½-year high at one point, while the Euro also steadied against the Yen as investors await further stimulus measures from Japan’s central bank.
During the Asian trading session the Euro moved lower against the U.S. Dollar, coming down off a 2-week peak set yesterday after an improvement in risk on sentiment after markets learned of the U.S. avoidance of the fiscal cliff.
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Sign up to get the latest market updates and free signals directly to your inbox.The U.S. Dollar edged lower during the Asian trading session as it appears that a last minute agreement between President Obama and the U.S. House of Representatives might at last be on the horizon.
In a deal approved just before 2am EST on New Year’s day, members of Congress have reached a deal with United States President Barack Obama to delay the imminent spending cuts and avoid much of the $600 billion in tax hikes for the next two months.
According to currency analysts, the Japanese Yen is poised to fall to a level not seen in more than seven years as investors await the Bank of Japan’s move to an extremely aggressive monetary posture in accordance with the demands of the new Japanese government headed by Shinzo Abe.