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News about the Japanese Yen Currency
After the release of the Japanese inflation figures, the Japanese Yen increased in value slightly against the US Dollar.
Also, the Consumer Price Index in Japan increased by 0.4% in January from December’s 0.3%. This index is without the volatile prices of perishable goods. The CPI rose by 0.2% due to stripping out of energy and food prices.
2% is the final index targeted by Bank of Japan and it is close to the US core inflation measure. Additionally, on-month CPI inflation reached 1%, which is really high.
The currency dropped after the figures to 114.38 from 114.42 just before the release of the figures.
News about the dollar Currency
On Friday, the dollar was widely steady. It also stayed on track for weekly profits on expectations that the U.S. Federal Reserve might increase interest rates during its meeting this month that could lead to a spike in U.S. Treasury yields.
The dollar index dropped by 0.1 percent to 102.140 from 102.260 which is the highest dollar price since Jan 11. However, during the week the dollar spiked to more than 1 percent.
The dollar dropped slightly against the Yen to 114.35 from 114.595, which is the highest since Feb 15. However, the dollar increased by more than 2 percent against the euro for the week.
The chief foreign-exchange strategist at Daiwa Securities, Mitsuo Imaizumi, stated that some investors were not positioned for an increase in rate during March, and the dollar is reaping benefits as they change their expectations.
News about the Pound Currency
The currency went down against the dollar on Thursday due to expectations of interest rates hike in March in the U.S.
A research done on Thursday revealed the construction in Britain growing slightly in February but new orders took a decline. Due to this, the manufacturing sector was weakest on Wednesday. The currency declined by o.1 percent on Thursday but was stronger against the dollar than Australian dollar, Yen, and New Zealand dollar.
However, the pound inclined to 85.68 pence per euro.
The head of the currency strategy at CIBC World Markets, Jeremy Stretch, stated that the pound is not only weakened by the increase in interest rates in the US but also by the inherent political risks present in the UK.
The pound has lost close to a fifth of its value against the dollar as from June when there was EU referendum. Once one Britain starts Brexit talks, the pound will decline orderly.
News about New Zealand Dollar Currency
Kiwi has managed to hold the 200-day average despite falling sharply from well-defined resistance to a low of 0.7238 from a high of 0.7242. Therefore, the currency was at a break of 0.7140. It is important to watch out for a low of 0.695
News about the Canadian Dollar Currency
The Canadian dollar continues to perform well against the US dollar. The currency is trading at 1.3387 which is highest since January but is still below the critical point of daily resistance. The good performance is attributed to the GDP data released on 2nd March 2017. The Canadian GDP was released at 2.0% despite the expected 1.7%.
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