Daily review 11 June 2013 – Dollar lower against yen on BoJ inaction

June 11, 2013 in Forex Articles

The yen climbed this morning against all of its 16 currency counterparts after the Bank of Japan disappointed investors with a lack of new easing measures to its monetary policy as they expected extension of very low interest loans to banks. Following the news, the Japanese currency managed to offset its previous two-session losses against the dollar and was trading at 98.16 at the time of writing, compared to its yesterday’s low of 99.27.

The yen has recovered by 3.9% so far, since its stormy falls which started at the end of last year. For the same period the euro has reported a rise by 2.5% while the dollar has remained almost unchanged.

The British pound was slightly changed from its earlier advances against the greenback after mixed UK economic data was released today, trading at $1.5552 at the time of writing. The Industrial Production has surpassed forecasts both on monthly and annual basis, with the actual figures being 0.1% and -0.6%, respectively. The Manufacturing Production revealed a -0.5% drop (YoY), reigniting worries for a slow-performing British economy.


Meanwhile, the Australian dollar is losing ground in a third consecutive session. The Aussie fell to a three-year low on data that the country’s Home Loans have declined to 0.8%, far exceeding experts’ forecasts for a 2% rise. At the time of writing, the Aussie was trading at $93.36. Investors will be following the release ofAustralia’s Westpac Consumer Confidence due tomorrow, as a high reading will help rebound the Aussie.


Source: dfmarkets.co.uk


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