This is the second day of the strong of Yen against Euro as the result of the late recovery of global economic condition that urged the investors to reduce asset ownership in higher yield. Meanwhile, for New Zealand dollar, Japan’s currency has been strengthened for three days after the house sellers reduce the price for the first time this year, and before US reports that the economists will show some progress of reversing the worst slump in the last four months.
Meanwhile, US dollar go down to the lowest level in more than a week for Prime Minister Julia Gillard that requested holding an election, causing speculation that Central Bank will hold raising interest rates during the campaign. The senior currency strategist at Westpac Banking Corp Sydney Sean Callow said that there was enough food to the bears to hold the control now and there is some indication of avoiding risk for supporting Yen.
Yen rise from 111.96 per euro in New York last week, 111.62 at 8:31 PM in Singapore, and becoming 111.53 after the time out. In July 16, Yen was 86.57 per US dollar and 86.59 now. Euro weakened in 0.3% to US dollar 1.2891. Australian dollar also weakened against US dollar in 0.6%; 86.40 after the weakest level of 86.34 in July 8. New Zealand dollar slips in 0.9% to US $70.40 and 0.8% to 60.95 Yen.
