LONDON: Yen powers away on morning trades as investors find entry positions in a weak and feeble euro markets after recent weeks poor macro report. The EUR, GBP and USD, all opened lower from Friday’s trading session as these currencies were seen as riskier haven. The one that has suffered the most ‘bloody nose’ is the pound sterling, GBP. What is causing this move when Japan is having a Bank Holiday?
The euro yen, EURJPY quickly accelerated downward this morning in spite of a healthy German economic reports as shown on the chart opening further wounds on the euro-zone economy.
Still lagging on the euro, EUR is the uncertainty of Greece meeting their set goals.
The pound sterling, GBP, could not be exonerated. Sterling, GBP, related currencies came of worse this morning as the pound fell from a one-week high against the dollar and 150 pips against the yen on Monday trades as markets perceived these majors riskier currency. This outlook is most likely to persists as assets held in the UK are facing more pressure with a dour UK economic outlook likely to keep expansion subdued in the near term.
Although Japanese market is having a holiday today but, the yen, JPY found it range against the majors in the overnight trades. This trend from the pacific and Asian session continued to the London trading session we have seen. If you caught this trend early enough it would be all round celebration and great day in the office. How far will this go today? Share your thoughts…