Market News

Following the testimonial remarks of Ben Bernanke, to the U.S. Congress’s Banking Committee, the U.S. Dollar fell in Asian trading on renewed investor concern over the pace of the American economic recovery.

The common currency Euro slipped from a 10-week peak yesterday, but still managed to edge up versus the U.S. Dollar in Asian trading today.

With currency investors trimming their long term holdings in the U.S. Dollar, the greenback slipped in Asian trading, closing in on the 2-month trough struck last week against the common currency Euro.

Investor profit taking brought the Euro lower against both the Japanese Yen and U.S. Dollar in Asian trading today.

The U.S. Dollar remained under pressure in Asian trading today following the release of tepid economic data from the United States which is seen by many as evidence that the pace of the economic recovery is slowing.

A decline in regional equity markets coupled with softer than forecast economic data from China raised investor uncertainty over recovering health of the global economies and helped to broadly push up the safe-haven Yen in Asia today.

The common currency Euro held close to a 2-month peak versus the U.S. Dollar as investor risk appetite was whetted following earlier better than expected quarterly earnings results from Intel.

A weakened equity market in Tokyo helped to push the common currency Euro and the U.S. Dollar down versus the safe-haven Japanese Yen.

As a result of the election outcome, the Japanese Yen slipped in Asian trading today, down against both the U.S. Dollar and the common currency Euro.

Japanese importers, awaiting the outcome of the Upper House elections which will be held on Sunday, helped push the Japanese Yen lower against the U.S. Dollar in Asian trading today.

Much stronger than predicted jobs data from Australia helped to push the Aussie and other high-yielders up against the safe-haven greenback and Japanese Yen.

In Asian trading today, the common currency Euro fell from an earlier 7-week peak against the greenback.

High-risk currencies such as the common currency Euro and the Australian Dollar rose against the Japanese Yen and the U.S. Dollar in Asian trading today.

In Asian trading today, Japanese importers helped to push the U.S. Dollar up versus the Japanese Yen.

The USD was on the defensive versus the EUR today, approaching what were 5 week lows, following a big short squeeze in the single currency prior to U.S. jobs data, while the JPY lost ground as the squeeze spilled into the Asian market.