Jun 13


  • BY: Nati
  • June, 13th, 2013 7:34 +00:00

The JPY gained against all major pairings, it now costs just 94 JPY per USD at time of writing. The Japanese share index dropped. The Bank of Japan refrained from further changes at their meeting last week, leading some investors to unwind short JPY positions. The selloff coupled with the fear the US FED will begin to reign in their bond buying in the not so distant future, may mean that there could be some further volatility in the JPY/USD. The pair was trading at 94.05 with a high, near open, of 96.09 and touching a low of 93.78 so far today.

The NIKKEI closed at 12445.40 down 843.94 or 6.35%

Greek TV was turned off yesterday, after a decision to suspend all employees at the national station. The decision was made as a cost cutting exercise as the country still suffers austerity as a result of the crisis. The decision led to thousands protesting outside the ERT studios last night. 2656 employees are set to lose their jobs. ECB, IMF and European Commission deal commitments mean he Greek government have to dismiss 2000 public sector workers by the end of the year, and up to fifteen thousand by the end of 2014. EUR/USD was trading at 1.3370 with a high of 1.3389 and a low of 1.3330 so far.

The FTSE100 closed at 6299.45 down 40.63 or minus 0.64% and the DAX closed at 8143.27 down 79.19 points or minus 0.96%

A Reuter’s poll on who is most likely to replace Ben Bernanke when his term ends early next year has a clear favourite. Vice chair, Janet Yellen, was the choice of 40 out of the 44 polled. US Retail Sales figures for May will be released tomorrow, and the FOMC meeting next week will be closely watched. The speculation as to when or if the FED will change course is ongoing and, as mentioned regards the JPY above, has a wide reaching effect on the Global Markets. CABLE was trading at 1.5664 with a high of 1.5700 and a low of 1.5657 so far. Fears Argentina may experience another financial collapse has led to cancellation of investments going into the country, and capital controls implemented by President Cristina Fernandez have made it less attractive to potential investors.

Hope you all have a nice day.