Egypt, Japan discuss economic ties, preparations for TICAD conference    Real Estate Developers urge flexible land pricing, streamlined licensing, and dollar-based transactions    Madinet Masr in talks for three land plots in Riyadh as part of Saudi expansion    Egypt's PM tells Palestinian PM that Rafah crossing is working 24/7 for aid    Egypt's Sisi pledges full state support for telecoms, tech investment    EGP inches down vs. USD at Sunday's trading close    EGX launches 1st phone app    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    After Putin summit, Trump says peace deal is best way to end Ukraine war    Egypt, Namibia explore closer pharmaceutical cooperation    Jordan condemns Israeli PM remarks on 'Greater Israel'    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt prepares to tackle seasonal air pollution in Nile Delta    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    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.



Dollar Gets Respite Vs. Yen After Pull-Back; Kiwi Rises After RBNZ
Published in Amwal Al Ghad on 11 - 12 - 2014

The dollar inched higher versus the yen on Thursday, getting some respite after falling roughly 3 percent in the past three days as the market unwound stretched positions ahead of the year-end.
The dollar has pulled back from a seven-year peak of 121.86 yen set on Monday as crowded long-dollar trades were thinned out.
It touched a two-week low near 117.45 yen earlier on Thursday but later stabilized and last traded at 118.09 yen, up 0.2 percent on the day. Over the previous three days, the dollar had fallen around three percent versus the yen.
"It's very, very choppy," said Stephen Innes, senior trader for FX broker OANDA in Singapore. Innes said some market players now saw an opportunity to buy the dollar against the yen in the wake of its drop over the past few days.
"My feeling is we've cleaned out a lot of people right now," he said, referring to the paring back of long dollar positions, and added that the dollar may start to attract some bids ahead of the U.S. Federal Reserve's policy meeting next week.
The euro held steady near $1.2455 EUR=, having recovered from a 2-year low of $1.2247 set on Monday.
Despite the dollar's pull-back this week, traders said its broad longer-term uptrend remained intact and would probably resume next year, especially as speculation on the timing of an interest rate hike by the Federal Reserve heats up.
The New Zealand dollar gained a lift after the Reserve Bank of New Zealand kept interest rates unchanged and sounded less dovish on future monetary policy than some had expected.
The kiwi rose to $0.7872 earlier on Thursday, having surged more than 2 percent after the RBNZ policy decision. It last traded at $0.7814 NZD=D4, having pulled away from a 2-1/2 year low of $0.7609 on Tuesday.
Traders said some in the market had anticipated the central bank would go a step further by adopting a neutral bias. Instead the Reserve Bank of New Zealand said further rate hikes could be expected at a later stage.
That was a "hawkish surprise to the markets," said Westpac senior currency strategist Imre Speizer, adding the magnitude of the kiwi's rally probably reflected market positioning.
"However, given interest rates have hardly moved, we expect the upside to be limited," he said.
The Australian dollar gained a brief lift after data showed that Australian employment rose more than expected in November. However, the jobless rate also edged up to a decade-high of 6.3 percent.
The Aussie dollar last traded at $0.8331 AUD=D4, up 0.1 percent on the day. It rose to as high as $0.8378 earlier on Thursday.
Source : Reuters


Clic here to read the story from its source.