The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥110.35 level and was capped around the ¥111.70 level. Technically, today’s intraday high was right around the 23.6% retracement of the move from ¥124.15 to ¥109.10. Data released in Japan overnight saw the September tertiary index decline 1.6% m/m. BoJ Governor Fukui spoke overnight and cited “…downside risks stemming from the US subprime mortgage problem and the resulting volatility in the global financial markets. The recent disruptions in global financial markets seem to show that under the continuing favorable conditions of healthy world growth and low inflation, financial imbalances can accumulate, which will be followed by corrections posing a risk to economic stability. The current situation of the world economy, where low inflation coexists with high economic growth, seems favorable for central banks. However, it is a regrettable truth that the job of central banks never gets easier, only more challenging.” Most traders believe Fukui will not be able to orchestrate a rate hike in Japan before he leaves
 continued 
Yen Focus
 
Day's Change 52-Week High 52-Week Low

Instrument

Current

 Points % Date Value Date Value
Exchange Rates

15-Nov-07
AUD/JPY This marker indicates the current chart. 98.5218 -1.8111 -1.84% 15-Nov-07 98.5218 15-Nov-07 98.5218
CAD/JPY This marker indicates the current chart. 112.7662 -2.9299 -2.60% 15-Nov-07 112.7662 15-Nov-07 112.7662
CHF/JPY This marker indicates the current chart. 98.6013 -0.6948 -0.70% 15-Nov-07 98.6013 15-Nov-07 98.6013
EUR/JPY This marker indicates the current chart. 161.9100 -1.3700 -0.85% 15-Nov-07 161.9100 15-Nov-07 161.9100
EUR/JPY Fwd-1 Yr This marker indicates the current chart. -553.6000 0.0000 0.00% 15-Nov-07 -553.6000 15-Nov-07 -553.6000
GBP/JPY This marker indicates the current chart. 226.3700 -2.4100 -1.06% 15-Nov-07 226.3700 15-Nov-07 226.3700
USD/JPY This marker indicates the current chart. 110.6500 -0.5700 -0.52% 15-Nov-07 110.6500 15-Nov-07 110.6500
USD/JPY Fwd-1 Yr This marker indicates the current chart. -390.0000 0.0000 0.00% 15-Nov-07 -390.0000 15-Nov-07 -390.0000
 
Interest Rates

15-Nov-07
JPY 1W LIBOR This marker indicates the current chart. -  -  -  -  -  -  - 
JPY 6M LIBOR This marker indicates the current chart. -  -  -  -  -  -  - 
USD 1W LIBOR This marker indicates the current chart. -  -  -  -  -  -  - 
USD 6M LIBOR This marker indicates the current chart. -  -  -  -  -  -  - 
 
Indices

15-Nov-07
Hang Seng This marker indicates the current chart. -  -  -  -  -  -  - 
NASDAQ This marker indicates the current chart. 2,629.63 -14.69 -0.56% 15-Nov-07 2,629.63 15-Nov-07 2,629.63
Nikkei 225 This marker indicates the current chart. -  -  -  -  -  -  - 
 

source: DTN Market Access

part 1...office around the end of the current fiscal year in March. The Nikkei 225 stock index lost 0.67% to close at ¥15,396.30. Dollar bids are cited around the ¥109.75 level. The euro came off vis-à-vis the yen as the single currency tested bids around the ¥161.35 level and was capped around the ¥163.75 level. The British pound and Swiss franc weakened vis-à-vis the yen as the crosses tested bids around the ¥225.60 and ¥98.10 levels, respectively. The Chinese yuan appreciated vis-à-vis the U.S. dollar as the greenback closed at CNY 7.4228 in the over-the-counter market, down from CNY 7.4253. Data released in China today saw October wholesale prices up 6.5% y/y, an acceleration from September’s 6.2% level, while industrial value-added output was up 18.5% y/y between January and October. PBoC’s Yi Gang reported an undervalued yuan is “not in the interest of China.” Most traders believe China will tighten monetary policy before the end of the year.

SUPPORT   RESISTANCE

 
L1.       111.40 116.55 
L2.       110.25 118.35
L3.       106.95 120.55

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