News from across the continent
27/12/2012 06:20:11 AM
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20/12/2012 08:48:41 PM
Publish Date27/12/2012 06:20:11 AM
Last Update27/12/2012 07:48:48 AM
Japanese yen continued falling against major currencies and U.S. dollar, where the USD/JPY pair recorded its highest since September 2010 at 85.86, while the EUR/JPY pair rose to highest in 16 months at 113.64.
Japan`s new leadership gained valuable confidence in markets which boosted investors’ outlook for the nation’s economy amid recently modified measures and inflation target as well as controlling yen.
Yen left its place as a safe-haven currency and began to be a very sensitive currency according to Abe’s notes. Consumer prices excluding fresh food is expected to decline with 0.1% by tomorrow which will add to signs that BOJ failed to achieve the targeted inflation.
These expectations may add pressure on the new prime minister to push of the Bank of Japan to add more stimulus in order to reach inflation target and to control yen’s appreciation to help Japanese companies with their revenues.
The Australian dollar, on the other hand, and New Zealand’s dollar noticeably fell amid the raised tensions and uncertainty in markets, where investors began to trade in dollar as a safe0haven currency.
AUD/USD pair fell to the lowest in five weeks at 1.0343 to be trade now near 1.0354. NZD/USD pair fell to the lowest in five weeks also at 0.8154 to be traded currently near 0.8198.
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