Reported by: Eric CRWE Newswire Middle East correspondent
The Japanese Yen surged in overnight trading as traders and Japanese exporters took a fresh position in the currency benefiting from yesterday’s decline. The yen moved up to 109.67 against euro in London’s trading session. It advanced 0.1 percent to 85.41 against the US dollar whereas it rose 0.5 percent against the Australian dollar to 77.03 in the overnight market.
The pair USD/EUR also gained to $1.2848 from $1.2885 in the overnight market.
The Yen performed on news that Japanese government has decided not to intervene in recent bullish rally of the Yen. The US dollar on the other hand performed on the latest positive data depicting Philadelphia’s high economic growth as Philadelphia general economic index surged to 7.2 in August as compared to 5.1 for the month of July. The state’s jobless claims have also reduced to 478,000 to 484,000 in previous week.
The dollar index which shows dollar movement against its six major counterpart currencies gained 0.2 percent to 82.632.
The Australian dollar plunged against 16 of its major counterpart currencies as the Australian employment rate for skilled worker dropped by 0.3 percent in August. Australian dollar declined 0.4 percent to 90.16 against US dollar.
Crude oil traded on bearish sentiment as sweet crude futures contracts for September delivery dropped by 19 cents to $75.58 per barrel at the start of Singapore’s Globex electronic Session. Bernt Crude on ICE futures exchange also declined by 33 cents to $76.6 per barrel in London’s trading session.
However crude oil futures in New York Mercantile Exchange moved up by 0.7 percent in the overnight trading session but later dropped due to rise in crude oil inventory reported by American Petroleum Institute.
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