Market News
March 29, 2013 @ 8:14 am

Yen firm, euro steady during light trading ahead of holidays

The currency markets are quite due to thin liquidity and trading volume because of the Easter holidays, meaning that most major markets being closed on Friday through Tuesday.

In Asia, Tokyo was the only major market open, and experienced a quiet session during the Asian trade.

Dollar remained broadly weaker from overnight in the US session, little-changed against its major  counterparts as trading winds down ahead of the long holiday weekend. Meanwhile, the dollar sell-off was also accelerated due to month-end and quarter-end and for some year-end flows, as traders and investors square off positions.

This fact helped the Japanese yen remain firm, despite expectations for more aggressive policy easing by the Bank of Japan next week. Repatriation of yen kept it buoyed, leading USDJPY lower,  to 93.97 from 94.31.

EURJPY eased down from 120.83 to 120.57, while GBPJPY fell from 143.27 to 142.88. Also [AUDJPY dropped  from 98.19 to 97.85 and NZDJPY from 78.94 to 78.51.

EURUSD was slightly better bid during most of the earlier part of the Asian session, up modestly from $1.2812 to $1.2837 on light short-covering flows.  Towards the end of the Asian trading hours, the pair fell back to $1.2800 but steadied a bit as the European session came around. Not much movement is expected today due to markets being closed in Europe.

Related Posts Plugin for WordPress, Blogger...

No comments yet.

Leave a Reply

You must be logged in to post a comment.