Egypt's Cabinet approves decree featuring Queen Margaret, Edinburgh Napier campuses    CIB, CI Capital complete EGP 3.4bn securitisation bond issuance for Halan    New East Port Said Technological University part of Sinai development drive    Egypt's UPA launches new version of MedIQ medical procurement system    Egypt plants over 18,000 trees in Cairo, Delta in '100 Million Trees' initiative    Egypt's Foreign Minister, German counterpart hold political consultations in Cairo    EGX closes mostly higher on Oct 7    Egypt urges Netherlands to increase investment, stresses Nile water security    El-Sisi boosts teachers' pay, pushes for AI, digital learning overhaul in Egypt's schools    Egypt's PM reviews external debt strategy to sustain downward trend    Egypt's Sisi congratulates Khaled El-Enany on landslide UNESCO director-general election win    Invest. Minister, Future of Egypt in talks to boost supply of strategic goods, exports    Egypt's El-Enany Elected UNESCO Director-General in Landslide Victory    URGENT: Egypt's Khaled El-Anany unanimously elected UNESCO director-general    Egyptian Drug Authority outlines strategy to localize pharma manufacturing    Syria releases preliminary results of first post-Assad parliament vote    Al-Sisi reaffirms Egypt's military readiness on 52nd anniversary of 1973 victory    Karnak's hidden origins: Study reveals Egypt's great temple rose from ancient Nile island    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    From the Ashes of Dynamite to the Light of Nobel    A Woman's Victory Shakes Global Markets    Egypt reviews Nile water inflows as minister warns of impact of encroachments on Rosetta Branch    Egypt's Al-Sisi commemorates October War, discusses national security with top brass    Egypt screens 22.9m women in national breast cancer initiative since July 2019    Egypt's ministry of housing hails Arab Contractors for 5 ENR global project awards    Egypt to host Israeli-Hamas talks on Oct. 6 amid renewed push to end Gaza war    A Timeless Canvas: Forever Is Now Returns to the Pyramids of Giza    Egypt aims to reclaim global golf standing with new major tournaments: Omar Hisham    Egypt to host men's, juniors' and ladies' open golf championships in October    Egyptian Writers Conference announces theme for 37th session    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



U.S. Dollar Firm As Yen Bounces Back
Published in Amwal Al Ghad on 22 - 01 - 2013

The U.S. dollar held steady Monday against most major currencies and the yen rebounded from a two-year low as the Bank of Japan began a two-day policy meeting.
The euro moved in a range against the greenback after an electoral loss for the Germany's ruling coalition party in Lower Saxony state. U.S. markets were closed on Monday for Martin Luther King Jr. holiday, which was expected to keep a lid on the action for foreign exchange.
The ICE dollar index , which measures the greenback against a basket of six major global currencies, was a touch lower at 80.046 from 80.050 late in North America on Friday.
Against the Japanese unit, the dollar dropped back below the 90-yen handle, and was trading at ¥89.71 from ¥90.09 on Friday. The euro was at ¥119.56 from ¥120.01.
A two-day meeting of the Bank of Japan's rate-setting board began Monday, with the board widely expected to formally adopt a higher inflation target of 2% at the meet. The yen's bounce on Monday follows heavy losses recently on expectations the BOJ would further ease its accommodative policy stance to boost the economy.
“We would caution against chasing [dollar-yen] and yen-based crosses at current levels, as a lot is priced in and there is a real risk that the market sells the pair on the fact after tomorrow's BOJ central bank meeting," said Stan Shamu, a market strategist at IG Markets.
The euro was at $1.3312 from $1.3317, after Germany's center-right coalition parties narrowly lost an election in the state of Lower Saxony. The defeat came ahead of general elections expected in September.
Adam Myers, a currency strategist at Credit Agricole, said that in addition to the German state election results, uncertainty related to Cyprus's debt issues may also hinder further gains for the euro.
“Cypriot negotiations with the Troika this week regarding their requested 17.5 billion euro loan are unlikely to produce agreement. Combined with continued macroeconomic uncertainty in Europe, such factors could help moderate (but not fully contain) a euro move higher," he said.
The troika includes the International Monetary Fund and the European Central Bank, which have been organizing, and negotiating the terms of, loans to debt-strapped nations in the euro-zone.
Marketwatch


Clic here to read the story from its source.