Daily Market Analysis by FXNET - Euro Hits 4-Year High Against Yen

FxNet

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The euro hit a four-year high against the yen this morning, rising to 135.93, the highest since October 2009. What contributed to the yen’s weakness was data showing Japan’s trade deficit widened more than expected in October.

Forecasts were for 1.091 trillion yen compared to a forecast of 814 billion yen trade deficit. Meanwhile, focus is on the Bank of Japan’s two-day policy meeting.

The euro also rose against the dollar, peaking at $1.3576 after the dollar was hurt by comments from Federal Reserve Chairman Ben Bernanke who signaled that the Fed was committed to highly accommodative policies.

Bernanke said the Fed’s main interest rate will probably remain near zero for a “considerable time” after asset purchases end.

The dollar lost 0.1 percent against the yen to fall to 100 yen from the Asian open of 100.12 yen.

Looking ahead, the will be some key US data releases later today, with market focus turning to the FOMC minutes as well as US retail sales. Also, the Bank of England policy meeting minutes will be released.
 
 
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