Forex - US dollar, euro slip as yen rebounds in Singapore afternoon trade |
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Wed, 24 Jan 2007 09:20
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SINGAPORE (XFN-ASIA) - The US dollar and the euro were both pulled off their morning highs against the yen in afternoon trading here as the Japanese currency rebounded sharply, dealers said.They said the yen's rebound had taken the market by surprise. It sent the euro below 158.00 yen and the dollar below 121.00 yen, triggering a series of stop-losses on the way down.At 3.34 pm here (0734 GMT), the dollar was at 120.95 yen, down from 121.63 yen in Sydney just over four hours earlier. The euro was at 157.42 yen, down from 158.49 yen in Sydney, and at 1.3013 usd, down from 1.3029 usd.Some dealers attributed the yen's rebound to oversold signals on technical charts, which suggested that the yen's recent falls, coupled with the euro's sharp rally, may have been excessive.The Australian dollar continued the slide that began in the morning here after the Australian Bureau of Statistics reported that the consumer price index in the fourth quarter of last year was 0.1 pct lower than in the third, and 3.3 pct higher than a year before, the market having forecast a quarter-on-quarter rise of 0.2 pct and a year-on-year rise of 3.6 pct.The weaker-than-expected data, particularly the surprise quarter-on-quarter fall, caused traders to sharply cut back their expectations of an increase in Australian interest rates next month, dealers said.Dealers said further downside moves are likely since the important 0.7820 usd support had failed, setting up the Australian dollar for an eventual pullback toward 0.7750-0.7755 usd.Singapore 3.34 pm (0734 GMT) vs Sydney 2.20 pm (0320 GMT)US dollaryen 120.95 down from 121.63sfr 1.2418 down from 1.2429Eurousd 1.3013 down from 1.3029yen 157.42 down from 158.49sfr 1.6167 down from 1.6193stg 0.6586 up from 0.6574Sterlingusd 1.9762 down from 1.9821yen 239.03 down from 241.08sfr 2.4544 down from 2.4629Australian dollarusd 0.7822 down from 0.7833stg 0.3957 up from 0.3952yen 94.63 down from 95.26singapore@xfn.com
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Forex - US dollar weaker vs yen, euro in Singapore afternoon trade 