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Dollar Fall Against Yen
By Benny Nardino | December 17, 2009
The USD, dollar falls sharply against the yen from 90.25 on overnight trades in Asian/Pacific session. Is this the end of the joy-ride or another consolidation for further push for tops?
Dollar falls
In the past couple of weeks, we have seen a nice trending market from the dollar yen after severe pressure from the gold market in the past few years. In spite of these challenges the dollar has held ground within the 84.79 and 101.43 range, channelling down slightly.
The Asian session saw the currency overwhelmed by news that FEDs were scaling back resources put into the market to sterm depression. The yen gained as dollar fall cuts below the psychologically threshold of 90 yen for the second time in two weeks. The pair is currently trading at 89.82 yen, after hitting low of 89.55 this morning, London trading session. Not long ago it was frown at to contemplate the dollar falling below 100 mark, but today its an optimists dream.
Ironically, against the euro and pound sterling the dollar did well by holding its grounds raising further concerns about the Euro-zone economic weakness as yesterday’s gains evaporated over night.
However, from our weekly chart we could see a turning tide in favor of the dollar as long-term sentiments indicates a dollar fight-back. If this is sustained in the New Year, further growth could be seen in the euro economy.
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