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Saturday, March 1, 2014

DAILY FOREX REPORT 03/MARCH/2014

MARKET HEADLINES
  •   Yen gains on emerging nerves, Swedish crown jumps after GDP
A weakening Chinese yuan and tensions in Ukraine drove investors into the relative safety of the Japanese yen on Friday while shockingly strong Swedish growth numbers propelled the crown higher.
The yen gained around a third of a percent against both the dollar and euro , the latter still looking shaky before inflation numbers which may set the tone for next week's meeting of European Central Bank policymakers.
The moves put the yen, last year's major loser among the world's most traded currencies, within sight of resistance at 101.50 and beyond that levels around 100.50 which are its strongest since November.
"Clearly with what's happening in emerging markets, the yen is fulfilling its traditional role as a safe haven," said Neil Mellor, strategist with Bank of New York Mellon in London.
"The other side of that is that people are clearly using it to wind up the speculative trade we saw last year."
  • Dollar falls below 102 yen on US stimulus speculation
The dollar fell below 102 yen in Asia on Friday on speculation that the Federal Reserve could shift its tapering policy if recent weak data is a sign of a fundamental change in growth.
The dollar slipped to 101.60 yen in Tokyo afternoon trade from 102.15 yen in New York Thursday afternoon.
The euro bought 139.20 against 140.05 yen while sitting at $1.3697 compared with $1.3710.
Fed chief Janet Yellen told the Senate Banking Committee that policymakers believe severe weather was behind some of the disappointing numbers of the past two months on job creation, industrial production and consumption.

 
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