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Market Outlook From Tradingforex.com

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Market Outlook 28 Dec

CURRENCIES EUR/USD The euro has been on the rise while the dollar has been dropping against it, as the efforts to avert the fiscal cliff continue. The dollar fell to its lowest in 8 months trading at 1.3236 per euro at 5:05 pm New York time, and it has weakened as much as 0.5 percent. The euro’s 14-index of relative strength reached 70.6 to the dollar.

USD/JPY The yen has been on a fall, reaching its lowest in 28 months against the dollar. The yen dropped 0.6 percent touching 86.10 per dollar, its weakest since August 16, 2010.As of 2:17pm Tokyo time, the yen traded at 86.64 per dollar, after trading at 86.45 which is 0.4 percent lower than yesterday. The yen has lost 2.6 percent against the dollar since December 21 of this year, and its 14-day relative strength index has dropped to 17 against the dollar.

EUR/JPY According to Bloomberg’s correlation-weighted indexes the euro has gained 3 percent in the past three months, making it the second highest of the 10 development market currencies.The yen however has dropped 0.7 percent to 113.99 per euro, and its 14 day relative strength index dropped to 19.8 against the euro.The constant fall of the currency has spurred speculations that the central bank of the country will need to try and set up a cash infusion to control the situation.The Japanese currency has lost 0.4 percent to 114.49 per euro, and dropped to its lowest level since July 11 2011, while the euro has gained 0.1 percent and is now at 1.3242 dollars.

AUD/JPY The Australian currency has been gaining strength and has reached its highest against the yen since April of 2011, and has touched 89.83 yen. The decline in Japan’s consumer prices which has added to the monetary problems of the country, has helped the Australian dollar trade at 89.67 as of 4:01 pm Sydney time, which is 0.4 percent higher than yesterday. The yearly increase of the currency is predicted to be 14 percent against the Japanese currency.

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