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July 23 (Reuters) – The euro dipped to the day’s low against the dollar on Friday after a newspaper report said several of Spain’s 18 savings banks have failed tests to see how strong they would be if economic circumstances were more adverse. [ID:nLDE66M041]
The euro dipped to as low as $1.2864 EUR= on trading platform EBS, down 0.2 percent on the day.
(Reporting by Masayuki Kitano)
TOKYO, July 20 (Reuters) – The dollar eased on Tuesday, inching closer to a two-month low versus the euro hit last week as investors continued to cut long positions on more disappointing U.S. economic data.
The greenback rose a little against the yen on bids from Japanese importers, but remained close to a seven-month low marked last week, leading many market players to look to what authorities in Japan could do about a firm yen.
The Australian dollar jumped more than 1 percent thanks to a rise in Chinese shares as well as buying against the yen amid wariness about Japanese yen-selling intervention.
The Wall Street Journal reported the Bank of Japan could consider taking additional steps to support the economy if the yen climbs to around 85 per U.S. dollar and stays there.
In Asian trade, the dollar rose about 0.4 percent to 87.01 yen JPY=, on buying by Japanese importers, off a seven-month low of 86.27 hit on trading platform EBS on Friday.
Traders suspect Japanese officials would not want to see the 85 level breached in a hurry, though many traders doubt Tokyo is ready to intervene at this point.
“I guess the authorities will be nervous. There will be verbal intervention or they might do rate checks as they did before. But I don’t think they can do actual intervention,” said a trader at a Japanese financial institution.
Indeed, traders say they saw marginal yen-selling by Japanese investors.
“Japanese investors’ risk appetite hasn’t come back. They are not ready to sell the yen yet. It’s hard to expect upside for the dollar/yen,” said a trader at a European bank.
Demand for the dollar waned further on Monday after the NAHB/Wells Fargo Housing Market index fell more than expected in July to its lowest level since April 2009, after a popular tax credit for homebuyers expired in April. [ID:nWEQ003835]
The report was the latest in a string of data that has flashed warnings about the state of the U.S. economy and quashed expectations of a Federal Reserve interest rate hike this year.
If Fed Chairman Ben Bernanke drops any hint of further easing at testimony on Wednesday it could push the dollar down further, some traders said.
“The overall bearish setup remains intact for dollar/yen,” JPMorgan said in a morning report. “This follows last week’s breakdown below the key 87.00/22 yen support zone while affirming the intermediate term bearish setup and a closer test of the 84.82 November 2009 cycle low.”
The euro EUR= edged up 0.15 percent to $1.2963/64, not far from a two-month high of $1.3008 hit last Friday.
Traders expect the pair to trade in a $1.28-1.31 range in the coming days ahead of EU stress test results for banks and Fed chief Bernanke’s testimony.
Support for the euro is seen around the previous day’s low of $1.2870. Resistance comes in at Friday’s high of $1.3008, while some traders say a break of that level could push it to around $1.3113, a Fibonacci retracement of its decline from last December to early June.
The results of stress tests on 91 European banks are due on Friday and there is a consensus building in the forex market that it could be positive for the euro.
Bankers and officials in Greece, Spain and Belgium joined a chorus of countries expecting their banks to pass the stress tests, but doubts linger over whether the checks are tough or transparent enough. [ID:nLDE66I14A]
Some traders suspect the euro could be in for a “buy on the rumour sell on fact” retreat, after having risen nearly 10 percent from a four-year low, mostly shrugging off negative news on the euro zone.
It brushed aside news that Moody’s had cut Ireland’s debt rating and concerns that negotiations between Hungary and international lenders had broken down. [ID:nLDE66I0FY] [ID:nLDE66H021].
Meanwhile, the Aussie AUD=D4 rose 1.1 percent to $0.8775 and 1.4 percent to 76.38 yen AUDJPY=, helped by an upbeat mood in Chinese share markets and wariness about Japanese yen-selling intervention.
The Australian dollar quickly recovered the ground it had lost after minutes from the Reserve Bank of Australia’s (RBA) July policy meeting that suggested it was unlikely to raise interest rates next month if coming inflation data showed the moderation it expected. [ID:nCBR000068]
The currency has strong support around $0.8575-8590, where there is a 50 percent retracement of its rally this month as well as a cluster of previous lows. (Additional reporting by Anirban Nag and FX analyst Krishna Kumar in Sydney; Editing by Michael Watson)
July 9 (Reuters) – The euro hit a two-month high against the dollar and rose broadly on Friday as improving risk demand prompted European banks to pick up the currency.
The euro EUR= climbed as high as $1.2723 according to electronic trading platform EBS. London traders cited demand from a Swiss bank from around $1.2680 as helping to push the single currency higher.
It rose broadly, climbing to 112.69 yen EURJPY= and 83.84 pence against sterling EURGBP=D4, its highest versus both currencies since June 21. (Reporting by Naomi Tajitsu)
TOKYO, July 5 (Reuters) – The dollar held steady near a two-month low on Monday and the euro paused after last week’s boost from unwinding of short and leveraged positions, with traders and analysts seeing scope for it to squeeze a bit higher.
With attention turning to a slowdown in the United States and away from the euro zone’s banking and government debt woes, analysts said the next upside target for the euro was a May reaction high at $1.2673 EUR=.
Leveraged trades funded in the euro, be it long dollar, commodity currencies or emerging markets, were being cut, while at the same time the euro selling seen in April and May looked to be exhausted for now.
“I’m not seeing money flooding back into euro on a broad basis. You really have to describe it as exhaustion,” said Greg Gibbs, FX strategist at Royal Bank of Scotland in Sydney.
The question for markets at this point, with concern that the U.S. recovery was losing steam, was what should they buy.
“The fear of maybe not necessarily double-dip but certainly a very long period of low employment growth and very low rates is definitely playing into the markets’ view,” Gibbs said.
The euro EUR= eased 0.2 percent to $1.2540, with support seen around its 55-day moving average, currently near $1.2530. Last week, the euro gained 1.5 percent against the dollar, reversing a loss from the previous week and gaining greater distance from June’s four-year low at $1.1876 on trading platform EBS.
The euro faces resistance near $1.2595, the bottom of the cloud on daily Ichimoku charts, and then near $1.2620, a 38.2 percent retracement of its drop from its March high near $1.3820 down to its four-year low.
The euro’s rise late last week had stalled at $1.2613, just short of that retracement level.
Jonathan Cavenagh, currency strategist at Westpac in Sydney, said leveraged trades funded in euro were being cut and the low level of yield on the U.S. 10-year Treasuries suggested the euro should be trading higher.
U.S. yields have fallen sharply after a slew of soft U.S. economic numbers suggested recovery would be tepid. The 10-year note yield US10YT=RR has fallen below the psychological 3 percent mark, trading at 2.98 percent.
Friday’s monthly jobs report showed the economy shed 125,000 jobs in June, while private payrolls rose less than expected. Overall employment fell for the first time this year as thousands of temporary census jobs ended.
The data followed a raft of weak reports that suggested consumer spending, housing and factory activity were moderating. [ID:nN01165161]
The dollar lost ground last week before the data and on Friday the dollar index .DXY hit its lowest level in nearly two months at 84.132.
By Monday, it had steadied at 84.495, up 0.1 percent from late U.S. trading on Friday, with short-term support seen around 83.20, roughly a 38.2 percent retracement of the index’s move from a low of 74.17 in November to a high near 88.71 in June. Trade was quiet, with U.S. markets closed for a holiday.
The dollar edged up 0.2 percent against the yen to 87.92 yen, pulling further away from a seven-month low of 86.96 yen set last week, with some talk of dollar buying by Japanese importers.
But it lost 1.8 percent against the yen last week as U.S. yields fell, and traders said there was talk of options triggers below 85 yen. The dollar hasn’t fallen below 85 yen since November last year when it hit a 14-year low at 84.82 yen.
Data from the Currency Futures Trading Commission showed net long yen positions jumped in the week to June 29. The value of the dollar’s net long position slipped to about $9.5 billion in the week ended June 29 from $12.2 billion in the prior week.
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TOKYO, July 1 (Reuters) – The euro hit a record low against the Swiss franc and the Australian dollar also fell on Thursday as weaker-than-expected Chinese data added to doubts about the strength of the global recovery.
The Chinese data sparked selling in higher-yielding currencies, with one trader saying low liquidity and short-term speculators taking punts on the euro against the Swiss franc and the Australian dollar against the yen added to the volatility.
China’s purchasing managers’ index (PMI) fell to 52.1 in June from 53.9 in May, weaker than the median forecast of 53.1. CNPMIB=ECI
The index was still above the threshold of 50 that separates expansion from contraction but the more modest rate of growth in the leading indicator stoked worries that a sharper slowdown is in store in the second half of this year.
“The Chinese PMI data was the latest factor making investors reluctant to take risks,” said Hideki Amikura, deputy general manager of forex trading at Nomura Trust and Banking.
The euro fell as low as 1.3073 Swiss francs EURCHF=R on trading platform EBS, its weakest since the single European currency’s launch in 1999.
The Australian dollar fell 0.4 percent to $0.8367 AUD=D4, after dropping to an intraday low of $0.8315.
The Aussie dollar later pared its losses after the Sydney Morning Herald newspaper reported that Australia’s government and key mining companies are on the brink of a framework agreement on a mining tax compromise, quoting sources with knowledge of the talks. [ID:nSGE66007L]
An agreement would remove uncertainty in the market and any watering down of the tax proposal would be considered positive for investments and hence the Aussie dollar, traders say.
The yen edged higher, with the euro dipping 0.1 percent to 108.09 yen EURJPY=R. The euro fell as low as 107.50 yen earlier, nearing an 8-1/2-year trough of 107.30 yen hit earlier this week.
The dollar was down 0.1 percent at 88.38 yen JPY= after striking a two-month low of 88.08 yen on EBS earlier.
Traders cited talk of an option trigger near 88.00 yen, while the dollar’s 2010 low lies at 87.95 yen.
The yen’s latest rise has brought it to levels that could cause pain to Japanese exporters if its gains are sustained, with the Bank of Japan’s tankan survey showing the average forecast for the dollar/yen rate in the year to next March among large manufacturers is 90.18 yen.
Market players say a fall in the dollar to levels below the 2010 low could open the way for a drop toward 85.00 yen, and put the focus on whether Japanese authorities may take steps to curb the yen’s rise.
Last December the Bank of Japan called an emergency meeting soon after the dollar slid to a 14-year low of 84.82 yen in November, and decided to pump 10 trillion yen ($113.1 billion) in three-month funds into the banking system.
EURO FALTERS
The euro slipped 0.1 percent to $1.2211 EUR=, giving back some of the previous day’s advances.
It gained on Wednesday on news that euro zone banks borrowed less than expected from the European Central Bank (ECB). The ECB said 171 banks borrowed 131.9 billion euros ($161.3 billion) over a three-month period, below expectations of 210 billion euros. [ID:nLDE65T1YT]
The amount is still the highest ever borrowed in a three-month period but pales beside the 442 billion euros of one-year money which banks must repay to the ECB on Thursday.
Spanish, Portuguese and Greek banks have been the biggest users of the facility. Gains in the euro were limited, however, after Moody’s Investors Service said it may cut Spain’s Aaa sovereign debt rating on deteriorating economic growth prospects. [ID:nN30242422].
The market focus now turns to the ECB’s six-day tender later in the session. Expectations are for it to be subscribed to the tune of 75-125 billion euros. A lower-than-expected level of subscription could underpin the euro.
“In addition, Spain’s five-year bond auction requires attention especially following the news on the possible downgrade in the country’s rating,” JP Morgan said in a morning note. ($1=88.38 Yen, $1=.8175 Euro) (Additional reporting by Anirban Nag in Sydney and Masayuki Kitano in Tokyo; Editing by Michael Watson)
June 29 (Reuters) – The euro hit an all-time low against the Swiss franc on Tuesday as funding concerns about the euro zone prompted investors to shift their funds to the safe-haven Swiss currency.
The euro fell 0.2 percent on the day to 1.3323 francs EURCHF=R on trading platform EBS, the weakest since its 1999 launch.
(Reporting by Rika Otsuka)
June 29 (Reuters) – The euro hit an all-time low against the Swiss franc on Tuesday as funding concerns about the euro zone prompted investors to shift their funds to the safe-haven Swiss currency.
The euro fell 0.2 percent on the day to 1.3323 francs EURCHF=R on trading platform EBS, the weakest since its 1999 launch.
(Reporting by Rika Otsuka)
TOKYO, June 22 (Reuters) – The euro slipped on Tuesday, returning gains as China’s yuan retreated against the dollar after an early surge, prompting short-term speculators to cut back on their initial buying of risky currencies including the Australian dollar.
The euro and the Australian dollar hit their highs for the day after China’s central bank set the yuan’s daily mid-point at 6.7980 against the dollar, stronger than Monday’s 6.8275 per dollar and the highest since the yuan’s revaluation in 2005.
Traders initially took this as a sign China could allow the yuan to rise further. But the climb in the euro and the Australian dollar was short-lived as spot yuan CNY=CFXS slumped back versus the dollar after rising to a fresh post-revaluation high of 6.7900 in early trade.
“The euro and the Aussie slipped simply because the yuan eased, with some players suspecting Chinese authorities might be intervening to rein in the yuan’s rise,” said a senior FX trader at a big Japanese brokerage.
The market took the yuan 0.42 percent higher on Monday, its biggest one-day rise since the 2005 revaluation. But dealers fear the central bank will not let the market keep boosting the yuan at the pace seen that day.
Chinese state-owned banks are aggressively buying dollars and selling the yuan, traders said, but it was not clear if the buying was due to Chinese central bank intervention to keep the yuan stable. [ID:nBJD003806]
The euro EUR= dipped 0.1 percent to $1.2307, off the day’s peak of $1.2355. It hit a one-month high of $1.2490 on trading platform EBS on Monday after China pledged to allow the yuan to rise, boosting confidence in the global economy.
Near-term support was seen at $1.2253, a 38.2 percent Fibonacci retracement of the rise from a four-year low of $1.1875 on June 7 to Monday’s high of $1.2490.
On the other hand, the dollar index .DXY was up 0.1 percent at 85.97, holding well above support at 85.13. The index posted a bullish reversal on Monday, suggesting more gains for the greenback in the near term.
Beijing’s vow of flexibility for the yuan, which should boost purchasing power and demand in the the world’s third-largest economy, had initially fuelled a rally in risky assets on Monday.
But the rally ebbed with not much follow-through buying, with China’s move undertaken primarily for political purposes, analysts said.
Leaders of the Group of 20 leading industrialised and developing economies are to meet this weekend in Toronto, where global trade imbalances are expected to be a key issue.
China on Monday ruled out a one-off revaluation and said it will reform its exchange rate regime in a gradual manner. [ID:nBJC002566]
“The Chinese decision provided a welcoming short-term distraction in a market gripped by fear and anxiety, but the underlying European fiscal headaches and global growth uncertainties remain unaltered,” wrote Matthew Strauss, currency strategist at RBC Capital.
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Main yuan coverage [ID:nCHINATAKE]
Winners and losers from a firmer yuan [ID:nTOE65K02D]
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Some traders said they expect the yuan to be a short-term trading factor until a bigger trend comes to the market.
RBC’s Strauss said the euro’s failure to break past resistance near $1.25 was likely to result in a period of weakness for the single currency.
Against the yen, the euro was down 0.3 percent at 111.89 yen EURJPY=R, having shed about 0.2 percent on Monday.
The euro in recent months has moved with swings in risk appetite. On Monday, the 25-day rolling correlation between the euro and the S&P 500 .SPX was at a robust 54 percent.
The fading risk rally was also evident in stock markets.
The Australian dollar AUD=D4, which had gained 1.4 percent in the previous session, was at $0.8783, with support at $0.8750 — Monday’s low — and strong resistance at Monday’s $0.8860 high.
The Aussie earlier jumped to hit the day’s peak at $0.8834 after the yuan mid-point fixing. (Additional reporting by Anirban Nag in Sydney and Satomi Noguchi in Tokyo; Editing by Joseph Radford)
TOKYO, June 22 (Reuters) – The euro slipped on Tuesday, giving back gains made after China set the yuan’s mid-point at its highest since the yuan’s revaluation in 2005, as players wondered how fast the Chinese authorities would let their currency rise.
The euro and the Australian dollar hit their highs for the day after China’s central bank set the yuan’s daily mid-point at 6.7980 against the dollar, stronger than Monday’s 6.8275 per dollar. Traders took it as a sign it could allow the yuan to rise further.
The rise in the euro and the Australian dollar was short-lived, however, as spot yuan CNY=CFXS eased against the dollar after soaring to its highest level since its July 2005 revaluation.
“The euro and the Aussie slipped simply because the yuan eased, with some players suspecting Chinese authorities might be intervening to rein in the yuan’s rise,” said a senior FX trader at a big Japanese brokerage.
The market took the yuan 0.42 percent higher on Monday, its biggest one-day rise since the 2005 revaluation. But dealers fear the central bank will not let the market keep boosting the yuan at the pace seen the previous day.
The euro EUR= dipped 0.1 percent to $1.2298, off the day’s peak of $1.2355. It hit a one-month high of $1.2490 on trading platform EBS on Monday after China pledged to allow the yuan to rise, boosting confidence in the global economy.
Near-term support was seen at $1.2253, a 38.2 percent Fibonacci retracement of the rise from a four-year low of $1.1875 on June 7 to Monday’s high of $1.2490.
On the other hand, the dollar index .DXY was up 0.1 percent at 86.01, holding well above support at 85.13. The index posted a bullish reversal on Monday, suggesting more gains for the greenback in the near term.
Beijing’s vow of flexibility for the yuan, which should boost purchasing power and demand in the the world’s third-largest economy, had initially fuelled a rally in risky assets on Monday.
But the rally ebbed with not much follow-through buying, with China’s move undertaken primarily for political purposes, analysts said. Leaders of the Group of 20 leading industrialised and developing economies are to meet next week in Toronto, where global trade imbalances are expected to be a key issue.
China on Monday ruled out a one-off revaluation and said it will reform its exchange rate regime in a gradual manner. [ID:nBJC002566]
“The Chinese decision provided a welcoming short-term distraction in a market gripped by fear and anxiety, but the underlying European fiscal headaches and global growth uncertainties remain unaltered,” wrote Matthew Strauss, currency strategist at RBC Capital.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Main yuan coverage [ID:nCHINATAKE]
Winners and losers from a firmer yuan [ID:nTOE65K02D]
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Some traders said they expect the yuan to be a short-term trading factor until a bigger trend comes to the market.
RBC’s Strauss said the euro’s failure to break past resistance near $1.25 was likely to result in a period for weakness for the single currency. Against the yen, the euro was down 0.3 percent at 111.94 EURJPY=R, having shed about 0.2 percent on Monday.
The euro in recent months has moved with swings in risk appetite. On Monday, the 25-day rolling correlation between the euro and the S&P 500 .SPX was at a robust 54 percent.
The fading risk rally was also evident in stock markets.
The Australian dollar AUD=D4, which had gained 1.4 percent in the previous session, was at $0.8785, with support at $0.8750 — Monday’s low — and strong resistance at Monday’s $0.8860 high.
The Aussie jumped to hit the day’s peak at $0.8834 after the yuan mid-point fixing. (Additional reporting by Anirban Nag in Sydney and Satomi Noguchi in Tokyo; Editing by Chris Gallagher)
TOKYO, June 15 (Reuters) – The euro’s rally showed signs of fading on Tuesday, with investors taking profits and sentiment towards the single currency staying fragile as debt worries returned after Moody’s cut Greece’s credit rating to junk grade.
The Australian dollar pulled back further from a one-month high versus the U.S. dollar as traders reduced demand for higher-yielding currencies after minutes of an Australian central bank meeting confirmed the market view that interest rates will be on hold at least for the next month. [ID:nSYC002333]
Traders said with the euro EUR= failing to break near term resistance at around $1.23, the single currency’s impressive run in the past few sessions was showing signs of fizzling.
“The euro would need more than short-covering to move decisively up from here,” said a senior trader at a Japanese securities house, adding that the market still looked vulnerable to euro-negative news given shaky equity markets.
The euro was at $1.2204 EUR=, down 0.1 percent from late New York trade on Monday, retreating further from the previous day’s high of $1.2298 on trading platform EBS.
Traders said Moody’s downgrade was being used by investors as an excuse to pare positions in the single currency. Moody’s cut Greece’s credit rating to junk status and said the country faced substantial risks. [ID:nWNA3381].
The Moody’s downgrade could still have an affect in the background, but an overall revival in risk appetite may check sharp losses, traders said.
“We might get a bit of a negative reaction in Europe but it was kind of already headed that way anyway with Greece, and the more important thing to watch is the periphery countries like Spain and Portugal,” said a senior trader at a European bank in Hong Kong.
Resistance is still around a Fibonacci retracement level at $1.2301, which is 23.6 percent of the euro’s move from an April 14 high to its June 7 low, and support is seen at around $1.2165 on hourly charts.
The euro fell as far as $1.1876 on June 7, its lowest since March 2006.
“Whether the bounce in the euro from $1.19 to $1.22 is more than a brief relief bounce remains open for debate but the sharp reaction to the rating downgrade overnight suggests that sentiment is still extremely fragile,” Matthew Strauss, senior currency strategist at RBC Capital wrote in a note.
The euro fell 0.2 percent on the yen EURJPY= to 111.70 yen. The U.S. dollar edged down to 91.50 yen JPY= as sell orders from Japanese exporters were seen capping its gains.
In the options market, the recent rebound in euro/yen and Aussie/yen was reducing the attraction of yen calls and prompting traders to dump options since euro/yen failed to break below a barrier at 108 yen last week.
Implied volatilities on short-end dollar/yen options have fallen, with one-month vol hitting a one-month low below 11.5 percent JPYVOL, extending a decline in the past week.
The Bank of Japan detailed a new loan scheme after its policy meeting, saying it would lend up to $33 billion to commercial banks to help redirect money to industries with growth potential, but analysts doubt its effectiveness when loan demand is low. [ID:nTOE65D05B] [ID:nTOE65E03M]
The minutes of the Reserve Bank of Australia’s June policy meeting said it was able to leave interest rates unchanged in the near term as previous rate hikes gave it time to see how Europe’s debt woes would affect the world economy and to wait for more information on domestic inflation.
Board members also said disinflationary forces in the domestic economy had not been as strong as expected and highlighted the importance of coming data on consumer prices, due in late July, reinforcing expectations for steady interest rates at its next policy-setting meeting in early July.
The Australian dollar AUD=D4 fell 0.2 percent to $0.8564, extending its pullback from a one-month high of $0.8665 the previous day when an overall improvement in risk appetite supported demand for higher-yielding currencies. (Additional reporting by Anirban Nag in Sydney and Hideyuki Sano and Charlotte Cooper in Tokyo; Editing by Joseph Radford)
June 14 (Reuters) – The Australian dollar gained to a four-week high against the U.S. dollar on Monday while the euro rose briefly above $1.2200 as short-covering was extended on stop-losses in thin, early Asian trade.
Currencies
The Aussie rose as high as $0.8563 according to the Reuters dealing system, the highest since May 19.
The euro climbed as far as $1.2208 on trading platform EBS, before trading at $1.2185 EUR=, up 0.6 percent on the day. (Reporting by Satomi Noguchi)
LONDON, UNITED KINGDOM, Jun 10 (MARKET WIRE) —
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The practice of spread betting – speculating on the outcome of an event
rather than on a simple ‘win or lose’ result – has been growing in
popularity in the UK amongst both city traders and, crucially, smaller
investors.
A spokesperson for Tradefair said today “Private individuals spread
betting in the UK on the stock markets are playing a fast-growing role in
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entice people to try out our platform to place their bets.”
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Copyright 2010, Market Wire, All rights reserved.
June 10 (Reuters) – The euro extended gains on Thursday as short-covering picked up pace, helped by comments from a Chinese pension fund chief who said the single currency could weather the sovereign debt crisis.[ID:nBJB003864]
Currencies | Global Markets
The European single currency rose as high as $1.2064 on trading platform EBS, rising more than one U.S. cent from an earlier low of $1.1957. (Reporting by Satomi Noguchi)
Currencies
Global Markets
LONDON, April 14 (Reuters) – London Stock Exchange (LSE.L) said on Wednesday that its Turquoise affiliate plans to be the first European alternative electronic trading platform to trade U.S. equities during European hours from April 23.
Stocks | Global Markets | Financials
The exchange’s 51-percent owned subsidiary plans to start by offering dollar trading in 175 of the most liquid U.S. stocks, American Depositary Receipts and Exchange Traded Funds, LSE said.
The exchange said the new trading system would be leveraging the relationship between Turquoise’s clearing house, EuroCCP, and EuroCCP’s parent company, the Depository Trust and Clearing Corp (DTCC), which settles all trades in the United States.
The service will be free for three months and introduce a maker-taker tariff system thereafter, the LSE said. In such a system, market players who post bid and offer prices on the electronic trading platform get advantageous pricing. (Editing by Will Waterman)
TOKYO, April 12 (Reuters) – The euro leapt to its highest in nearly a month on Monday, surging 1 percent on the dollar and yen as investors who had sold it scrambled to buy it back after euro zone finance ministers agreed a rescue package for Greece.
The euro’s rise weighed broadly on the dollar, helping the pound climb to its highest in seven weeks, while the dollar index plunged through its 30- and 55-day daily moving averages.
Euro zone finance ministers approved a 30 billion euro ($40.5 billion) aid package of loans for Greece if needed, with at least 10 billion euros also expected from the International Monetary Fund, a move likely to calm markets in the short term. [ID:nLDE63A0BO]
The massive financial safety net for Greece boosted investor appetite for riskier assets, helping the Australian dollar to its highest in five months and the New Zealand dollar to its strongest since late January earlier in the day.
The euro extended gains as far as $1.3692 EUR= on trading platform EBS, up from $1.3488 in New York on Friday. It moved above its Asian morning high of $1.3678 after making a brief pullback to test support at its 55-day moving average at $1.3630.
The euro, which hit a 10-month low at $1.3267 in March, is now seen as having potential to test a mid-March high near $1.3820 this week.
The agreement on a package for Greece was likely to help the country raise funds more easily but the problem was unlikely to disappear, said Robert Rennie, chief currency strategist at Westpac, Sydney.
“The way the market is short euro, this could give a leg up to around the next technical resistance at $1.3820. But can it sustain a move higher than that? I am not sure. We may see some selling emerge around there.”
Greece will test market appetite for its debt with an auction of 1.2 billion euro Treasury bills on Tuesday after investors recently dumped Greek assets on mounting worries about the country’s debt crisis. [ID:nLDE6380B3]
Traders and analysts said the auction results will be important for the euro as well as other risky assets.
Scepticism about how Greece would resolve its debt problems has seen short positions stack up against the euro this year.
Data from the Commodity Futures Trading Commission shows currency speculators were still heavily short the euro in the week ended April 6, although they reduced their net short position to 67,223 contracts from a record 85,326 contracts the week before. [IMM/FRX]
Andrew Robinson, FX market strategist at Saxo Bank in Singapore, said the euro may get squeezed higher again in European trade.
“Consolidation might take us just below $1.3600 but I see more upside for the rest of the week,” he said.
The single currency rose 1.2 percent to 127.32 yen EURJPY=R above its 100-day moving average at 127.14 yen, although it was still below a peak seen early in the month at 127.95.
KNOCK-ON
Its gain underpinned broad risk appetite and pushed up commodity-linked currencies such as the Aussie and the kiwi.
The Aussie AUD=D4 rose to its highest since mid-November at $0.9389, before coming back to $0.9330, flat on the day, with its November peak of $0.9407 now in the market’s sights.
The kiwi rose to $0.7195 NZD=D4, its highest level since late January, before relinquishing some ground to $0.7160.
The dollar index .DXY fell more than 1 percent to 80.22, breaking down through an upward trendline in place since early December and plunging through its 55-day daily moving average at 80.42.
Sterling earlier lost ground against the euro, but it later rose against the dollar as high as $1.5486 GBP=D4, its highest since Feb. 23.
The CFTC data shows currency speculators trimmed their long bets on the U.S. dollar in the week to April 6.
Against the yen, the dollar was unchanged at 93.14 yen JPY=, off a seven-month high near 95 yen set early this month.
Asian currencies, including the yen, are seen as likely to gain from any move by China to revalue its currency.
Chinese President Hu Jintao visits Washington this week for a nuclear security summit and is expected to hold a one-on-one meeting with U.S. President Barack Obama on Monday.
The currency market is watching closely for signs of how soon China might relax its grip on the yuan. The country recorded its first monthly trade deficit in six years in March, although economists doubt that will stand in the way of a resumption in the yuan’s rise before long. [ID:nSGE63B00M] (Additional reporting by Anirban Nag in Sydney and Kaori Kaneko in Tokyo; Editing by Joseph Radford)
* Yen slips as short-term players trim positions
* Meeting between Japan PM, BOJ governor weighs on yen
* Euro initially climbs as stops above $1.3375 triggered
* But euro struggles as Greek worries fester
By Satomi Noguchi
TOKYO, April 9 (Reuters) – The yen retreated on Friday on selling by short-term players on the view that the currency’s rise the previous day on talk of a near-term yuan revaluation was overdone.
The euro rose earlier as investors trimmed record-high short positions, but the single currency struggled to keep those gains as worries about debt-laden Greece simmered in the background.
The yen was also under pressure as Japanese Prime Minister Yukio Hatoyama and Bank of Japan Governor Masaaki Shirakawa held a meeting on Friday, the first of regular talks between the government and the central bank.
The outcome of the meeting offered no new trading incentives but reminded the market that the BOJ will likely continue facing government pressure to take further action to fight deflation. [ID:nTKX006741] [nTKZ006422]
“What matters for the market is how this meeting will likely impact BOJ policy meetings in the coming months, including the next one at the end of the month,” said a trader for a big Japanese bank.
The meeting came just two days after the central bank decided to hold off on new policy initiatives and gave a slightly more positive view than before on the economy.
The dollar rose 0.2 percent from late New York trade to 93.54 yen JPY=, recovering from Thursday’s low of 92.83 yen on trading platform EBS. It was helped by demand from Japanese companies and gains in other currencies versus the yen, traders said.
The greenback had pulled back from a seven-month high of 94.78 yen hit on Monday as traders sped up their yen-buying amid speculation that a revaluation of the Chinese yuan could come before China’s president visits Washington early next week.
Asian currencies are seen likely to gain from any move by China to revalue its currency and the yen is perceived as a major proxy for those regional units. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Insider on yuan revaluation: link.reuters.com/xut96j ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
The euro briefly extended its recovery from Thursday’s low of $1.3282 after European Central Bank chief Jean-Claude Trichet assured markets that a Greece default is unlikely, prompting some sovereign names to pick up the battered euro in the New York session.
But the euro quickly erased its gains and fell 0.1 percent to $1.3346 EUR= as sentiment towards the single currency remains weak.
Against the yen, the euro EURJPY=R stood at 124.88 yen, up 0.1 percent on the day and above the previous day’s low of 123.43 yen, but struggled to keep gains above 125 yen.
“Greece remains a focus in FX markets,” JP Morgan said in a report. “The next test is Greece’s launch of its next bond issue. So far, no date has been given, but they will require 10 billion euros to meet May refunding.”
The dollar index .DXY =USD was steady at 81.543.
Speculation about a firmer Chinese yuan has reached fever pitch since The New York Times said China was close to announcing a shift in policy involving a “small but immediate” yuan revaluation. (Additional reporting by Anirban Nag in Sydney; Editing by Chris Gallagher)
TOKYO, April 2 (Reuters) – The dollar extended gains against the yen to hit its highest in seven months in thin Asian trade on Friday, with traders citing buying by Japanese players.
The dollar rose as high as 94.07 yen JPY= on trading platform EBS, the highest since August 2009. (Reporting by Kaori Kaneko)
Yen hits 1-mth high vs euro, but later gives up gains
* Bank of America’s bad loans jump, underscores banks’ woes
* Euro mired near one-month low vs dollar, focus on ECB
By Masayuki Kitano
TOKYO, April 21 (Reuters) – The yen briefly hit a one-month high against the euro on Tuesday as renewed concerns about the U.S. banking sector tempered risk appetite and triggered buybacks of the Japanese currency.
The yen initially added to the gains it made on Monday when U.S. equities slid after Bank of America (BAC.N) reported a jump in non-performing assets, underscoring the banking sector’s troubles. [ID:nN20380236]
In addition, the yen drew support after breaching key chart levels in the past few sessions against currencies such as the euro and the Australian dollar, market players said.
“Equities are weak and market players who had bought higher-yielding currencies against the yen earlier amid signs of optimism are dumping their positions,” said a trader for a major Japanese bank.
There have been signs of improving investor risk appetite in recent weeks, as could be seen in the Australian dollar’s rally to six-month highs against the yen and the dollar last week.
The euro fell to 126.10 yen on trading platform EBS, its lowest since mid-March. But it later rebounded to 126.95 yen, up 0.3 percent from late U.S. trading on Monday. The euro rose 0.1 percent against the dollar to $1.2930, but was not far from a one-month low of $1.2888 hit on EBS on Monday.
The euro has been under pressure in the past few sessions, hurt by uncertainty over what policy steps the European Central Bank may adopt next month.
ECB President Jean-Claude Trichet signalled on Sunday during a trip to Tokyo that the bank’s next move could likely be an interest rate cut of 25 basis points.
But Trichet kept mum on details of plans for unconventional policy responses that are due to be unveiled at the ECB’s policy meeting on May 7.
The Australian dollar rose 0.3 percent to $0.7009, regaining a bit of the ground it lost the previous day, when it fell more than 3 percent.
The Australian dollar also edged up 0.6 percent against the yen to 68.79 yen, after sliding more than 4 percent on Monday.
The Australian dollar hit six-month highs of 73.49 yen and $0.7328 last week, supported by growing views that the worst of the global economy’s woes may be over. (Additional reporting by Satomi Noguchi; Editing by Hugh Lawson)
TOKYO, April 20 (Reuters) – The euro dropped to a one-month low against the dollar on Monday due to uncertainty over what policy steps the European Central Bank will take next.
The euro fell as low as $1.2996 on trading platform EBS, its lowest since March 18, before recovering a tad to $1.3011, down 0.3 percent on the day.
Dollar, yen supported with global optimism tempered
* Stocks decline, dent appetite for risk
* Yen advance stemmed by Japanese corporate selling
By Shinichi Saoshiro
TOKYO, April 15 (Reuters) – The yen and the dollar inched up on Wednesday as optimism about a global economic recovery ebbed after weaker-than-expected U.S. economic data, stemming demand for other currencies.
The U.S. and Japanese units also drew support from Asian stocks on Wednesday as they tracked Wall Street lower. The U.S. stocks benchmarks slid the previous day after data showed that U.S. retails sales fell 1.1 percent in March against economists’ forecast for a 0.3 percent rise. [.N] [ID:nN14419657]
When equity prices rise, demand for currencies perceived as safe havens such as the dollar and yen have tended to wane while demand for the euro and commodity currencies such as the Australian dollar have risen. The converse has often been true.
“Given the state of the stock market, sentiment is skewed towards further gains for the yen, which has broken through recent ranges,” said a trader at a European bank.
“Corporate demand for foreign currencies has risen after the yen’s appreciation, but the recent breakthrough by the yen also presents a key yen buying opportunity for speculators,” the trader said.
The dollar was little changed at 98.99 yen after touching a near two-week low of 98.72 yen on trading platform EBS earlier.
The euro dipped 0.2 percent to 130.93 yen and shed 0.1 percent to $1.3241 EUR.
The Australian dollar fell 0.3 percent to $0.7190.
The Aussie lost 0.1 percent to 71.12 yen after hitting a six-month high of 73.49 yen the previous day.
The Aussie climbed to six-month highs against the dollar and yen earlier in the week partly on optimism that a rebound in the Chinese economy would drive demand commodities. China releases first quarter GDP data on Thursday.
Tokyo’s Nikkei stock average .N225 dropped 0.9 percent on Wednesday. [.T] U.S. stock futures SPc1 shed 0.7 percent, pointing to a lower open on Wall Street later in the day.
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