Wednesday in Asia, the yen rose to near a 2-week high against the U.S. dollar and it recouped early losses against other major currencies on risk aversion amid growing concerns about the political turmoil in Libya and surging crude oil prices.
Latest reports say that embattled Libyan leader Moammar Gadhafi rejected calls for his resignation in a defiant speech on state television. Gadhafi, who has been in power in Libya for over 40 years, has seen his stranglehold over the North African nation wane in the wake of massive protests that have overwhelmed the country over the last couple of days.
Most Asian stocks declined. Japan’s Nikkei 225 index is currently down by 87.94 points or 0.8% at 10,576.11.
In economic news, Japan posted a merchandise trade deficit of 471.4 billion yen in January, the Ministry of Finance said today. That came as a shock to analysts, who had been expecting a surplus of 49.3 billion yen following the downwardly revised surplus of 725.9 billion yen in December.
Meanwhile, an index measuring corporate service prices in Japan was down 1.1 percent on year in January, the Bank of Japan said, standing at 96.1. That was slightly better than forecasts for a 1.3 percent annual contraction. Prices were down 0.3 percent on month following a 0.2 percent decline in December.
The yen is currently trading near a 2-week high of 82.55 against the US dollar with 82.0 seen as the next upside target level. At yesterday’s close, the dollar-yen pair was quoted at 82.82.
The yen is now worth 113.10 against the euro, 88.10 against the franc and 133.57 against the pound, compared to early Asian session lows of 113.61, 88.44 and 134.16, respectively. The yen closed yesterday’s trading at 113.07 against the euro, 133.67 against the pound and 88.25 against the franc.
The yen slipped to 83.16 against the Aussie before bouncing back in early Wednesday Asian deals at 8:00 pm ET. As of now, the yen is trading near yesterday’s close of 82.75.
The yen that fell to 83.86 against the Canadian dollar at 8 pm ET rebounded thereafter. Currently, the loonie-yen pair is worth 83.50, compared to yesterday’s close of 83.60.
At present, the yen is worth 61.75 against the NZ dollar, compared to an early Asian session low of 62.27. The kiwi-yen pair closed yesterday’s trading at 61.85.
Looking ahead, France CPI and Swiss producer and import price index – both for January, Bank of England’s minutes for February meeting and the Eurozone industrial new orders for December are expected in the upcoming European session.
The U.S. existing home sales for January is due in the New York morning.
If you would like to obtain much from this piece of writing then you have to apply such techniques to your won weblog.
Howdy! I’m at work browsing your blog from my new apple iphone! Just wanted to say I love reading through your blog and look forward to all your posts! Keep up the excellent work!
Our company figured out that the anxiety and tightness in her shoulders and also neck belonged
to the trouble.
Nice post. I learn something totally new and challenging on websites I stumbleupon everyday.
It’s always useful to read through content from other writers and use something from their websites.
I am in fact thankful to the holder of this web site who has shared this fantastic paragraph at at this time.
The much more you are prepared to be versatile and compromise, the much more satisfactory the results. This could be the outcome of withholding info that could be simply because they are nervous or perhaps even skeptical.
The confirmation system will include a pump-out of the septic system
to peep in inside the tank to check for the structural integrity of the container wall surfaces
and lids.
WOW just what I was looking for. Came here by searching for Forex News
Undeniably believe that that you said. Your favorite justification appeared to be
on the net the easiest factor to take note of. I say to you, I certainly get irked while
other people think about worries that they just do not
recognize about. You managed to hit the nail upon the top and also defined out the whole thing with no need side-effects , people could take
a signal. Will likely be back to get more. Thank you
You’ve made some good points there. I looked on the web for additional information about the issue and found most people will go along with your views on this site.