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Yen Rebounds From 5-Year Low Against Euro

ByFxNet
Published 11/29/2013, 04:42 AM
Updated 04/25/2018, 04:40 AM

The yen had a roller-coaster ride in Friday’s Asian session, briefly falling to a 5-year low against the euro and dropping to a new six-month low against the dollar but was able to trim losses after a series of positive data out of Japan.

Inflation accelerated at a faster pace in November while factory output also rose, giving a more positive outlook for the Japanese economy.

The upbeat news helped the yen rebound against the dollar to end the Asian session flat at 102.30. Against the euro, the yen rebounded slightly with only a 0.05% loss at 139.22.

Earlier in the session, the euro scaled a five-year high of 139.70 yen.

However it should be noted that the yen is expected to remain weaker against its major counterparts in the longer term due to the Bank of Japan’s monetary easing policies.

The Australian dollar was another currencies that had wild swings in the Asian session, falling to a 2-1/2 month low before rebounding to recover with a slight gain against the US dollar. AUDUSD touched a low of $0.9054 in early session trading but soon bounced to end 0.03% higher at $0.9099.

The Aussie is another currency that is set to weaken due to comments by RBA Governor Stevens who said recently said the currency’s value is too high.

The euro ticked up slightly against the dollar in Asia to peak at $1.3620, the highest level for November. . The euro is being buoyed after above-forecast German inflation data from Thursday. Also helping the euro was news that S&P affirmed Spain’s credit rating at BBB-, and cited a resumption in economic growth.

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