By: Barbara Zigah
The single currency Euro saw gains versus the Japanese Yen and U.S. Dollar in Asian trading today on increased risk appetite, which spurred investors to book profits on the recent dollar rally. Analysts predict a bounce back from the Euro within the next few weeks, similar to patterns it took in 2006 and 2007. Market players predict that position adjustments on the final day of 2009 will lift the Euro higher still. The Euro tends to see demand increase when market players seek out higher profit assets. Other higher risk assets also did well in Asian trading; versus the U.S. currency, the Australian Dollar traded at $0.8966, up from $0.8941 in Wednesday’s late New York trading.
As reported at 1:26 p.m. (SGT) in Singapore, the Euro was trading at $1.4368, up slightly from late trading in New York when it traded at $1.4336. Investors predict some resistance on the Euro/Dollar pairing at around $1.4459. The Euro also moved up against the Japanese Yen, trading at 132.66 Yen, up from 132.56 Yen. Markets in Asia are closed today for a holiday, and most markets will close tomorrow for the New Year’s celebration.
Euro Gains on Higher Investor Risk Appetite
Barbara Zigah
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About Barbara Zigah
After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.