Tuesday June 1, 2010 - 05:12:19 GMT
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ImperialFXonline : Daily FX Market Review
Yen edges higher in holiday-thinned tradingJoin Us & Strategize Your FX Tradingwww.imperialfxonline.comThe yen was able to make small gains across the board in a somewhat thin trading session on Monday, with the U.K. and U.S. markets closed for the Spring Bank and Memorial Day holiday respectively, as investors remained wary of accumulating riskier assets in the face of the credit ratings downgrade of Spain by Fitch Ratings agency last week. The Japanese currency rose the most against the euro and Australian dollar, with the latter seeing some selling pressure ahead of the Reserve Bank of Australia's rate decision on Tuesday (rates are expected to remain at 4.5%).
In addition, Chinese Premier Wen Jiabao said in speech in Japan that the global economy is vulnerable to the risk of a double-dip recession due to levels of high unemployment and the sovereign debt problems suffered by countries such as Greece. Stocks in Asia and Europe ended the day mixed with volume being relatively lower. The euro was unable to hang on to its early gains and slipped back below the 1.2300 level against the greenback to around 1.2270.
Data out of Canada was on the positive side, with stronger-than-expected GDP growth seen in the first quarter and firmer prices for industrial products and raw materials. The loonie rose over 1 percent against its U.S. counterpart ahead of the Bank of Canada's rate decision later on Tuesday, with the central bank likely to increase rates by 25 basis points from its record low of 0.25%.
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