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.



Yen Lower Against Dollar, Euro As Nikkei Gains
Published in Amwal Al Ghad on 08 - 01 - 2015

The yen fell against the dollar and the euro in Asian trade Thursday, with a recovery in the Nikkei Stock Average inviting selling of the safe-haven Japanese currency.
The dollar USDJPY, +0.39% was at ¥119.84 compared with ¥119.16 late Wednesday in New York. The euro EURJPY, +0.02% was at ¥141.66 from ¥141.01.
The U.S. currency remained rangebound in early Asian trade but started gaining upward momentum as the Nikkei index NIK, +1.67% advanced further mid-morning. With the benchmark index recouping some of its losses earlier this week, the greenback rose to as high as ¥119.82.
"The stock markets are driving the gains" in the dollar against the yen, said Ayako Sera, head of market research team at Sumitomo Mitsui Trust Bank.
Given a slight rise in oil prices during Asian trade from below $50 a barrel, "a mood of risk-off stemming from (weaker) crude oil prices is taking a breather for now," she said.
It depends on whether the stock market rebound will persist," said Koji Fukaya, chief executive at FPG Securities.
With Greek political concerns and the sharp fall in oil prices still a source of concern, "it's not easy for the market mood to swing to risk-taking," said Mr. Fukaya. The dollar may become top heavy close to the ¥120 mark, he said, adding that while the downturn in market sentiment has slightly receded it remains unclear whether the improvement will continue.
That seems to have lessened enthusiasm toward dollar-yen trade typically seen before the release of closely-monitored U.S. jobs data for December scheduled on Friday, said Mr. Fukaya.
"Many people in their mind probably imagine the upcoming job data would show a fallback from extremely strong reading in November," that may give the impression to the market the U.S. economy is running at a cruising speed, Ms. Sera said. If that proves to have only a neutral impact on the market, investors will try again find fresh cues such as economic indicators in the euro zone. For now, investors are awaiting manufacturing orders in Germany for November later today.
Among other currency pairs, the euro EURUSD, -0.35% was at $1.1819 from $1.1840.
The WSJ Dollar Index BUXX, +0.12% , a measure of the dollar against a basket of major currencies, was up 0.07% at 84.18.
Source : MArketwatch


Clic here to read the story from its source.