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The yen touched a seven-week high versus the dollar after a selloff in emerging-market assets boosted its appeal as a haven.
Japan’s currency held its biggest weekly gain since August against its U.S. peer after Treasury yields posted a fourth weekly decline, damping the relative allure of the greenback. The Federal Reserve starts a two-day policy meeting tomorrow. Argentina led a slump in emerging-market currencies last week as the country devalued its peso. Emerging-market equities extended their biggest decline since November, after volatility surged the most in two years. The Korean won fell to a four-month low.
“Continued concern about emerging markets will see yen short positions further pared back,” said Toshiya Yamauchi, a senior analyst in Tokyo at Ueda Harlow Ltd., which provides margin-trading services, referring to bets the currency will decline. “The yen could touch 100 per dollar.”
The yen was little changed at 102.32 per dollar as of 12:21 p.m. in Tokyo after touching 101.77, the strongest since Dec. 6. It rallied 2 percent last week. Japan’s currency traded at 140.04 per euro from 139.98. The dollar fell 0.1 percent to $1.3686 versus the shared currency.
The won declined for a sixth day, the longest run of losses since March, falling 0.4 percent to 1,084.95 per dollar. It earlier touched 1,087.50, the weakest since Sept. 13.
http://www.bloomberg.com/news/2014-01-26/yen-advances-as-rout-in-emerging-markets-boosts-safety-demand.html
Japan’s currency held its biggest weekly gain since August against its U.S. peer after Treasury yields posted a fourth weekly decline, damping the relative allure of the greenback. The Federal Reserve starts a two-day policy meeting tomorrow. Argentina led a slump in emerging-market currencies last week as the country devalued its peso. Emerging-market equities extended their biggest decline since November, after volatility surged the most in two years. The Korean won fell to a four-month low.
“Continued concern about emerging markets will see yen short positions further pared back,” said Toshiya Yamauchi, a senior analyst in Tokyo at Ueda Harlow Ltd., which provides margin-trading services, referring to bets the currency will decline. “The yen could touch 100 per dollar.”
The yen was little changed at 102.32 per dollar as of 12:21 p.m. in Tokyo after touching 101.77, the strongest since Dec. 6. It rallied 2 percent last week. Japan’s currency traded at 140.04 per euro from 139.98. The dollar fell 0.1 percent to $1.3686 versus the shared currency.
The won declined for a sixth day, the longest run of losses since March, falling 0.4 percent to 1,084.95 per dollar. It earlier touched 1,087.50, the weakest since Sept. 13.
http://www.bloomberg.com/news/2014-01-26/yen-advances-as-rout-in-emerging-markets-boosts-safety-demand.html
