The Yen was the best performer on Friday and posted weekly gains across the board. After moving in ranges most of the week the fraud accusation against Goldman Sachs trigger risk aversion and the demand for the Japanese currency.
The suit filed against the bank is related with the sale of mortgage deals and is accused of hiding information to investors. The Japanese currency was beneficiated indirectly as a consequence of the risk aversion and the decline in stocks and commodities prices triggered by the accusation.
The Yen rallied and extended weekly gains, not only against the Dollar and European currencies but also against currencies tied to commodities.
AUD, NZD and CAD closed the week at the lowest level since the begging of April. CAD/JPY posted on Friday the biggest daily decline since February 23 after tumbling from 92.80 to 90.37. AUD/JPY collapsed and tested levels below 85.00 but then managed to finish around 85.25. NZD/JPY fell more than a hundred pips but found support at 65.00. The Kiwi posted the first weekly decline against the Yen since February.
The suit filed against the bank is related with the sale of mortgage deals and is accused of hiding information to investors. The Japanese currency was beneficiated indirectly as a consequence of the risk aversion and the decline in stocks and commodities prices triggered by the accusation.
The Yen rallied and extended weekly gains, not only against the Dollar and European currencies but also against currencies tied to commodities.
AUD, NZD and CAD closed the week at the lowest level since the begging of April. CAD/JPY posted on Friday the biggest daily decline since February 23 after tumbling from 92.80 to 90.37. AUD/JPY collapsed and tested levels below 85.00 but then managed to finish around 85.25. NZD/JPY fell more than a hundred pips but found support at 65.00. The Kiwi posted the first weekly decline against the Yen since February.
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