Yen Holds Gains, Euro Steady | IFCM UAE
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Yen Holds Gains, Euro Steady - 13.2.2013

The Australian dollar recovered on Wednesday to a one-week high against the US counterpart. Pair AUDUSD rose to 1.0361 in Asian trading hours after touching yesterday a 4-month low at 1.0225. The Aussie gained ground as reports revealed today an improve in February’s consumer confidence. The indicator increased by 7.7% to its strongest level in 26 months. Recall that according to CFTC report issued last week the Australian dollar net non-commercial positioning remains the largest among the majors with still well extended bullish sentiment. However the currency remains vulnerable at the time being after the Reserve Bank of Australia left door open for further monetary easing. The Japanese yen is firm against the euro and the US counterpart, off recent lows, after a G7 official said the sharp currency’s fall is a concern. According to Reuters, he said that Japan will be in the focus of discussions at the G20 meeting in Moscow this weekend. Pair USDJPY fell yesterday from above 94.00 toward the mark of 93.00. In the morning it has been fluctuating around 93.00. Among the main events for the Japanese currency this week are tomorrow’s GDP report for the 4th quarter of 2012 and tomorrow’s Bank of Japan policy meeting. Today Italy for the first time since May 2011 is offering 30-year bonds. The outcome is important for the single currency as Italy remains one of those countries experiencing problems with investor confidence. A recovery in demand for peripheral euro-area’s debt securities is one of the factors supporting the region’s currency nowadays. In Asian trading hours the euro was stable against the US dollar, trading around 1.3450.
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