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Yen rises against major currencies |
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Yen edged higher against its major counterparts Tuesday as a fall in most Asian stocks prompted investors toward the safe-haven yen.
The dollar and the yen are viewed as safe-haven currencies and both currencies gain, when investors turn risk averse and fall when risk appetite improves.
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Asian stock markets were mostly lower today despite improvement in U.S. manufacturing as doubts lingered about the durability of a rebound in the world's largest economy.
Against the US dollar, the Japanese yen traded higher during early deals on Tuesday. the yen reached a high of 90.09 against the dollar, compared to 90.23 hit late New York Monday.
The Japanese unit that closed Monday's North American session at 133.32 against the European currency climbed to 132.94 Tuesday. The euro-yen pair is currently trading at 133.10 with 132.3 seen as the next target level.
The yen rose to 147.18 against the pound, compared to Monday's closing value of 148.06. If the yen gains further, 144.5 is seen as the next target level.
The yen that closed Monday's New York deals at 88.35 against the Swiss franc hit a high of 88.04 Tuesday. On the upside, 87.2 is seen as the next target level for the Japanese yen.
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| FOREX Reports |
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Outlook : Major currencies vs dollar |
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Fall below 1.3640, though a bearish sign, still holds hope for a rise towards 1.3855or even higher. Crucial support is at 1.3530 and as long as this level remains undisturbed, we favor a rise again towards 1.3800 or even higher. Fall below 1.3520 will force us to abandon our bullish view. |
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US automakers against Yen, Won depreciation |
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.S. automakers urged Congress to challenge Japan and South Korea on the issue of currency devaluation, which influences export prices. South Korea has recently made moves to depreciate the value of the won, while Japanese officials said they were prepared to keep the yen from appreciating |
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Asian currencies fall vs dollar |
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South Korea’s won and the Taiwan dollar dropped Thursday on speculation central banks will seek to limit appreciation that may hurt exports. |
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| Technical Calls |
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Gold prices could test $1,140 this week |
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Gold prices could test $1,140 this week, and may even make a run toward $1,160. Gold headed toward $1,140 in the middle of last week, but profit-taking, technical selling, and a strengthening U.S. dollar all weighed on prices during the remainder of |
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Gold may break out of $1,150 – $1,100 range |
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We don’t foresee that gold can yet break out of the $1,150 – $1,100 range in which it has been since the second week of December. As indicated in the Focus, downside support is increasing. |
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Crude slip as funds increase bet on higher prices |
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Crude oil futures kept falling back from highs even though speculative funds increased their bets that prices are headed higher. The benchmark West Texas Intermediate contract ended the week at $80.68 a barrel, after nearing $83 earlier in the week, |
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Corn ended lower Friday on a stronger dollar, but still posted gains for the week. The market gave back some of its recent gains as it ran into technical resistance. The dollar was the main factor, traders said. |
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U.S wheat futures finished lower Friday on pressure from gains in the U.S. dollar and bearishness about large supplies, traders say. The rising greenback weighed on the grains for the second consecutive day. |
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Soybean futures settled higher Friday, managing to carve out modest gains on the end-of-the-day position evening. |
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