Global Economy picks up, JPY heads downhill
Friday, 23rd October, 2009, 07:58 GMT
The head of Societe Generale’s head of forex, Yuji Saito commented on growing evidence that global economies appear to be recovering. The demand for high-yield assets sprung back on an advance in stocks in Europe, triggered by positive earnings. The JPY is set for a weekly decline against 13 of its 16 major forex counterparts. Traders are likely to be inclined to sell the JPY/USD pair as interest rates in the respective states are likely to remain low.
The Yen fell to 137.59 (JPY/EUR) at 12:51 pm in Tokyo, from 137.24 in New York yesterday. It had earlier touched 137.84, the lowest level since Aug. 13. It declined to 91.53 (JPY/USD) from 91.30. It has reached its lowest level since August 13 at 137.84 and is marked for a further dip in the 3rd week versus the AUD and NZD, as Asian stocks are on the advance.
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