Yen to be in the Spotlight Today!

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Yen to be in the Spotlight Today! Forex Minute

USD

USD closes higher against Taiwan dollar

The USD took a rise against the Taiwan dollar on Thursday after it undertook a gain of NT$0.023 as it reached the highest at NT$29.269 in the day. Thus, finally it put a stop to the continuous losing streak since the past four sessions as the local currency had to follow up on the Chinese Yuan to lose the much accumulated steam in the markets.

The Taiwan dollar did initially gain some momentum against the USD but gradually the speed of appreciation took to slowing down as the news about the GDP of China started making the rounds in the market.

EURO

No rally for Euro as EU summit continues

The Euro went down taking a huge slide this Thursday. Angela Merkel, the Chancellor from Germany, in her speech somehow caused the dampening of all hopes of investors across the world for strong action, and in the backdrop of various political figures started gathering around for the continuation of the 2 day European Union summit.

The currency during the trade incurred losses of 0.2 % as it reached the $1.3083 level as it paired some of its most recent gains along with general improvements being seen in risk appetite across the forex market amongst hopes that a Spanish bailout package might occur in the not so distant future.

However, it was also later announced that no decision regarding the European Monetary Union would be made during the two day summit by the leaders from various members of the EU.

YEN

JPY slides following data from China

Coming out as a clear under performer was the Yen amongst the major currencies of the world as risk filled appetite seemed to dominate the market following the news from China and some sort of optimistic view for Europe in the future. On the board all major Asian stocks saw an increase. The GDP of China for the 3rd quarter increased by almost 7.4 %, somehow close to the expectations of 7.6%.

Overall, the Yen fell to the monthly low of 128.20 against the pound and 79.33 against the USD.

Crude Oil

Crude slides lower

The price of light sweet crude for the delivery of the month of November fell to $90.86 per barrel, sliding by $1.26 or approximately 1.4 percentage points on the New York Mercantile Exchange.

Brent crude also took a fall on the ICE futures as it exchanged at the rate of $111.72 trading by almost $1.50 lower. This came in expected as the number of US citizens filling the application for jobless benefits increased to about 388,000 as against the forecast made of about 365,000 people. Along with this, the supply situation in the US caused investors to become wary about betting upon a rally towards triple digits.

Now the crude futures have remained close to the $90 level for almost a month now as traders balance the threat of supply problems in the Mid-East.