Currency Alerts
11/18/2009 11:19 PM ET
(RTTNews) -
Thursday in Asia, the yen soared against its major counterparts as a decline in Tokyo stocks boosted demand for the relative safety of the Japanese currency.
The yen jumped to a 13-day high against the aussie, 10-day high against the kiwi, 1-week high against the pound and a 2-day high against the loonie.
The Japanese stock market is trading weak today with investors indulging in some heavy selling almost across the board. With several companies rushing in to issue new shares, investors appear worried about per-share value dilution and alteration in supply-demand balance.
The benchmark Nikkei 225 index is currently down with a loss of 112.72 points or 1.16% at 9,564.08.
Shares of Mitsubishi UFJ Financial Group Inc. lost after the mega bank said the previous day that its credit costs increased in the April-September half. Although group net profit jumped 53% year on year in the first half to 140.9 billion yen, investors are seen moving to the sidelines over uncertainty for the company's second half. The stock was down nearly 5% at the end of the morning session.
The yen that closed yesterday's trading at 149.66 against the pound rose to a 1-week high of 148.78 during early Asian deals on Thursday. The next upside target level for the yen is seen at 148.3.
In early Asian trading on Thursday, the yen climbed to 132.92 against the euro and 87.99 against the Swiss franc. If the Japanese currency gains further, it may target 132.45 against the euro and 87.6 against the franc. The euro-yen and the franc-yen pairs were worth 133.69 and 88.51, respectively at yesterday's close.
The yen strengthened to 89.10 against the U.S. dollar in early Asian trading on Thursday. The near term resistance for the yen is seen at 88.8. At yesterday's close, the dollar-yen pair was quoted at 89.36.
The yen also gained against commodity-related currencies namely the aussie, kiwi and the loonie as oil and gold prices eased in Asia today.
Spot gold was retreating a little in Asia and was at $1,141.55 per ounce, down $3.67 from New York after touching a new peak of $1,153 Wednesday.
The Nymex December crude oil contract was down 16 cents at $79.42 per barrel, after settling 44 cents higher Wednesday.
During early Asian deals on Thursday, the yen advanced to a 2-day high of 84.21 against the Canadian dollar. On the upside, 83.4 is seen as the next target level for the yen. The loonie-yen pair was worth 84.74 at Wednesday's close.
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