Today’s trading in Asia was accentuated by the fact that in Japan it was month end, quarter end and fiscal half year end, thus pushing and pulling the yen, but with the yen ultimately higher as the session wound down. USD/JPY looked robust early as it pushed close to 90.40 highs, but Japanese exporters looking to close the books on the quarter sold dollars aggressively down to 89.65 levels. That level was still a far cry from the 88.24 lows from Monday. As opposed to yesterday’s moves that were sparked by comments by Japanese Finance Minister Fujii, today’s moves were purely generated by corporations. Full text »
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