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25.11.2013 07:02

Asian session: The yen touched the weakest in almost six months


04:00 Japan BOJ Governor Haruhiko Kuroda Speaks


The yen touched the weakest in almost six months as demand for the safety of the Japanese currency waned and Asian stocks gained after an accord was struck to set limits on Iran’s nuclear program. Iran agreed to curtail its nuclear activities and in return won an easing of “certain sanctions” on oil, auto parts, gold and precious metals. The deal, which is reversible, was announced yesterday after five days of talks in Geneva.

The yen traded near a four-year low against the euro before a report this week that may show Japan’s inflation accelerated in October to the fastest pace since 2008. Japan’s statistics bureau may say on Nov. 29 the nation’s consumer prices excluding fresh food rose 0.9 percent last month from a year earlier, according to the median estimate of economists surveyed by Bloomberg News. The Bank of Japan said in April it wanted to achieve 2 percent inflation in about two years. Deflation is coming to an end in Japan and the nation’s economy overall is recovering as expected, Mitsuhiro Furusawa, vice minister of finance for international affairs said at forum in Tokyo today.

The dollar strengthened versus most of its 16 major peers before data that may indicate pending home sales rebounded last month. In the U.S., pending home sales probably climbed 1.1 percent last month after falling 5.6 percent in September, a separate poll of analysts showed before today’s data is released by the National Association of Realtors today.


EUR / USD: during the Asian session, the pair traded in the range of $ 1.3535-60

GBP / USD: during the Asian session, the pair rose to $ 1.6240

USD / JPY: during the Asian session, the pair rose above Y101.80


BBA home loans data at 0930GMT provides the domestic interest this morning in an otherwise data light day.

Market Focus

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