News Column

Majors gain VS. dollar amid the absence of American markets

January 21, 2014

Major currencies managed to gain in Monday trades amid the absence of American financial markets that is on vacation, halting the domination seen by the federal currency during the last period. The Japanese yen picked up against the American dollar backed by China`s growth data that came below forecasts, making yen a safe haven for traders. USD/JPY declined to record the lowest in one week at 103.85, while the pair is currently hovering around 104.40. On the other side, the Australian dollar gained against its American counterpart after recording the lowest since 2010 at 0.8755, and the pair is currently trading around 0.8818; however, the downside will be dominating the pair`s moves in the coming period. NZD/USD was affected by today`s data about inflation in New Zealand , especially that it topped analysts` estimates, which is adding pressures on policy makers to raise interest rates. New Zealand dollar rose to 0.8335, after recording a two week low at 0.8210 Regarding NZD/JPY, it is currently trading near the highest since 2008 at 87.07.

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Source: Financial Markets

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