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JP: Dollar stays weak below ¥102 in Tokyo
 
The dollar stayed weak below ¥102 in Tokyo trading Thursday, weighed down by sluggish stock prices in Japan.

At 5 p.m., the dollar was quoted at ¥101.72-74, down from ¥101.98-98 at the same time on Wednesday. The euro stood at $1.3858-3859, up from $1.3803-3803, and at ¥140.97-99, up from ¥140.77-77.

After changing hands above ¥102 in early trading, the greenback lost ground as Tokyo stocks gave up early gains in the afternoon, traders said.

The dollar also received a drag from China’s trade statistics for March, which showed the weakness of domestic demand in the world’s second-biggest economy, according to traders.

China’s imports in March dropped 11.3 percent from a year earlier to $162.4 billion, the Chinese government said. Exports were down 6.6 percent at $170.1 billion.

On Wednesday in the United States, the Federal Reserve released minutes from its latest monetary policy meeting on March 18-19, which looked more dovish than expected to many market players.

The minutes dented speculation of an early interest rate hike that Fed Chair Janet Yellen had stirred up, by hinting that the U.S. central bank may raise interest rates about six months after the end of its bond-buying program, traders said.

The impact of the minutes, along with the recent denial of imminent additional monetary easing by Bank of Japan Governor Haruhiko Kuroda, was also behind the dollar’s weakness on Thursday, according to market sources.

Given all these factors, many market players had expected even before the Tokyo trading hours began that the dollar would be vulnerable to sales for yen, said a major Japanese bank official.

But the greenback drew purchases at lows. A currency market broker said, “We have an impression that the dollar’s downside is solid around ¥101.50.”

The dollar now lacks enough vigor to turn around, a currency market broker said.

JGBs aided by top-heavy stocks

Japanese government bonds firmed slightly on Thursday, pushed up by afternoon buying stemming from the Tokyo stock market’s failure to maintain its upward momentum.

The lead June futures contract on 10-year JGBs closed up 0.06 point from Wednesday at 144.97 on the Osaka Exchange. Volume increased to 17,713 contracts from 13,800.

In late interdealer trading in cash JGBs, the yield on the latest 333rd 10-year issue with a 0.6 percent coupon stood at 0.610 percent, down from 0.615 percent late Wednesday.

After fluctuating narrowly around the previous day’s closing level in a lack of fresh incentives, the key futures contract bowed to stepped-up selling toward the morning close after the Bank of Japan’s JGB-buying operation.

Weak bidder responses and the absence of superlong bonds in the operation are believed to have disappointed investors in the secondary market, traders said.

But JGBs turned buoyant in the afternoon, as the Nikkei stock average gave up its gains and temporarily slipped into negative territory before managing to finish marginally higher, they said.
Source