3 Jan 2014
Flash: Yen continues to strengthen - BTMU
FXstreet.com (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ notes that the yen has continued to strengthen modestly in the Asian trading session with EUR/JPY falling to an intra-day low of 142.14 from an intra-day high of 147.26 recorded on the 1st January.
Key Quotes
“The Australian dollar has also rebounded overnight despite further evidence that the Chinese economy has lost upward momentum in Q4 2013. Both the yen and the Australian dollar underperformed during December with the recent price action likely only temporary corrections reflecting more stretched short speculative positioning in the near-term.”
“Australia’s basic balance, the sum of its current account balance, net FDI inflows and net portfolio inflows remains in surplus suggesting that short-term speculative flows have been the main driver of Australian dollar weakness in the near-term.”
Key Quotes
“The Australian dollar has also rebounded overnight despite further evidence that the Chinese economy has lost upward momentum in Q4 2013. Both the yen and the Australian dollar underperformed during December with the recent price action likely only temporary corrections reflecting more stretched short speculative positioning in the near-term.”
“Australia’s basic balance, the sum of its current account balance, net FDI inflows and net portfolio inflows remains in surplus suggesting that short-term speculative flows have been the main driver of Australian dollar weakness in the near-term.”