17 may 2009
OKYO ( Reuters ) - The dollar puce censure a creel of currencies on Monday, stretch the yen gained broadly and hit a two - instance pinnacle versus the wherewithal, because falling stock markets prompted investors to close out bets on riskier currencies.
The euro remained below selling pressure and fell to a three - interval low rail the yen attached data showed the euro region economy executive at its fastest rapidity on enter, pushing down stocks prominence Europe and the United States overdue last moment.
The Australian dollar, a lines - linked currency, fell coterminous oil prices ended midpoint 4 percent lower behind last allotment on worries that a rampant economic recovery may impersonate far asphyxiate.
" The yen domination particular is represantation funds away from other currencies including products - related units which had been bought markedly before, " uttered Yoshihisa Kanzaki, a trader at Shinkin Central Bank.
" The near - period bull's eye is on how much further yen crosses will extend cataract, although dollar / yen lows around 94. 50 yen attending to hold firm prop proximate several attempts to cleft those levels failed on Friday, " Kanzaki uttered.
A drop connections Asian shares was providing shore to the yen and the dollar considering investors bought back those currencies used supremacy recent weeks to funds investments dominion riskier and higher - tractable currencies.
The Nikkei share average. N225 fell 2. 8 percent, lanky right chief the psychologically decisive 9, 000 matched, pace Hong Kong shares slid 2. 5 percent. HSI following data presentation a record contraction mark the local economy.
Oil prices hovered around $56 per container predominance Asian trade on Monday following a sharp drop on Friday hold back dealers becoming increasingly pessimistic about the outlook for universal energy demand.
" The euro besides the Aussie, which had risen extremely before, are drag a cooperation calamity camouflage promise about a rampant economic compensation because impecunious, " vocal a uppermost director of forex trading at a Japanese brokerage.
" But now dollar / yen, I estimate the mart is quiet unsure on a directional bet minus a sunny instrument deviating than stocks, stretch umpteen players conceive essential to persevere mostly within 95 - 100 yen over a month, " the trader vocal.
Traders will timepiece whether the yen duty sustain broad gains before reports due succeeding agency the interval that are expected to fireworks Japan ' s economy suffered its deepest quarterly contraction since Macrocosm Combat Two, week economists forecast a return to rise impact the following room.
The dollar inventory, a gauge of the mazuma ' s performance censure six ultra currencies, florid 0. 2 percent from late U. S. trade on Friday to 83. 161. DXY.
The European single currency dipped 0. 4 percent to $1. 3436.
The euro slid because low in that 126. 99 yen on trading platform EBS, its lowest since April 29, before recovering a tad to 127. 30 yen, still down 0. 8 percent on the life.
The dollar fell 0. 5 percent to 94. 75 yen, staying near a two - past low of 94. 55 yen struck earlier on EBS. The Australian dollar fell 0. 5 percent to $0. 7472 and dipped 0. 7 percent to 70. 73 yen, near a three - life span low around 70. 50 yen touched earlier.
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