Currency Alerts
11/3/2009 2:44 AM ET
(RTTNews) -
During early deals on Tuesday, the yen edged higher against its major counterparts as a fall in most Asian stocks prompted investors toward the safe-haven yen.
The dollar and the yen are viewed as safe-haven currencies and both currencies gain, when investors turn risk averse and fall when risk appetite improves.
Asian stock markets were mostly lower today despite improvement in U.S. manufacturing as doubts lingered about the durability of a rebound in the world's largest economy.
Hong Kong's Hang Seng led Asia's losses, falling 154.28, or 0.7 percent, to 21,465.91 while South Korea's Kospi was down 0.4 percent at 1,552.74. Japan's market was closed for a holiday.
Elsewhere, Australia's S&P/ASX 200 was down 0.2 percent and Taiwan's market lost 0.2 percent. China's Shanghai index bucked the trend, gaining 0.9 percent to 3,105.11.
Against the US dollar, the Japanese yen traded higher during early deals on Tuesday. At 2:20 am ET, the yen reached a high of 90.09 against the dollar, compared to 90.23 hit late New York Monday. The next upside target level for the yen is seen around 89.1.
The Japanese unit that closed Monday's North American session at 133.32 against the European currency climbed to 132.94 at 2:20 am ET Tuesday. The euro-yen pair is currently trading at 133.10 with 132.3 seen as the next target level.
Against the British pound, the Japanese currency gained ground after hitting a low of 148.61 during Tuesday's early Asian deals. At 2:20 am ET, the yen rose to 147.18 against the pound, compared to Monday's closing value of 148.06. If the yen gains further, 144.5 is seen as the next target level.
The yen that closed Monday's New York deals at 88.35 against the Swiss franc hit a high of 88.04 at 2:20 am ET Tuesday. On the upside, 87.2 is seen as the next target level for the Japanese yen.
At 4.30am ET, a monthly Purchasing Managers' Index for the British construction sector is due. The index is forecast to rise to 47.2 in October from 46.7 in September.
Across the Atlantic, the U.S. Commerce Department is due to release its report on factory goods orders for September at 10 AM ET. Orders for manufactured goods are likely to have increased 0.9% in the month.
by RTT Staff Writer
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