Currency
Market Commentaries
Team: Salyahrinah DP Hj Yahya, On Swee Long, Hiew Tzee Yin,
Lai Jyh Yih and Diana Han Yee Theng
Telephone: 2233668 / 2241723
US Dollar fell versus the Yen and was near enough to record depths to make markets wary of intervention. The Greenback having fallen as low as 76.20 level overnight, nearing an all time low around 75.31 plumbed on Oct 31 when Japanese authorities intervened to quell the Yen's strength.
Euro also under pressured as investors were still awaiting progress in Greek debt swap talks and ahead of an EU summit which was not expected to provide much support for the single currency.
Sterling fell against the US Dollar, tracking falls in the Euro versus the US Dollar, after a run of gains that took the Pound above 1.57 from below 1.54 in mid January. Traders and analysts saw levels above 1.57 as a good opportunity to take profit.
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