Forex - Dollar rallies more than 2% vs. yen on BoJ easing
Investing.com
Published Apr 04, 2013 02:59AM ET
USD/JPY hit 95.44 during late Asian trade, the pair’s highest since March 21; the pair subsequently consolidated at 95.24, jumping 2.37%.
The pair was likely to find support at 93.52, the low of March 25 and resistance at 96.26, the high of March 15.
The BoJ, under the leadership of newly appointed Governor Haruhiko Kuroda, said it plans to double its asset purchase program over the next two years and extend the maturities of the bonds it purchases.
It also plans to bring forward the timing of open-ended asset purchases and said it was likely to buy JPY7 trillion in long-term Japanese government bonds a month.
The yen was sharply lower against the euro, with EUR/JPY surging 1.43% to 121.23.
Sentiment on the single currency remained fragile as investors awaited comments by European Central Bank President Mario Draghi after the bank’s policy meeting later in the day amid concerns over the deteriorating economic outlook for the currency bloc and worries over the possible implications of the bailout deal for Cyprus.
The ECB was not expected to announce any changes to monetary policy on Thursday.
Elsewhere, the yen posted steep losses against the pound and the Swiss franc, with GBP/JPY rallying 2.0% to 145.59 and CHF/JPY advancing 2.03% to 100.41.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.