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12 Mar 2014
Flash: JPY continues to strengthen - BTMU
FXStreet (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ, remarks the bid tone of the JPY.
Key Quotes
"The yen has strengthened modestly in the Asian trading session amidst more risk-averse trading conditions mainly reflecting building investor concerns over slowing economic growth in China. The price of copper declined sharply yesterday after breaking below support from the intra-day low recorded in June of last year."
"As a result the price of copper has declined to its lowest level since July 2010 extending its percentage decline since the recent peak from February 2011 to just over 35%. In comparison the price of iron ore and coal have also both declined by just over 45% since their respective peaks in early 2011 highlighting the negative impact of weakening demand from China".
"The ongoing terms of trade deterioration for industrial commodity producing countries will keep their domestic currencies under downward pressure such as the Australian dollar, with the AUD/USD rate falling back below the 0.9000-level overnight."
Key Quotes
"The yen has strengthened modestly in the Asian trading session amidst more risk-averse trading conditions mainly reflecting building investor concerns over slowing economic growth in China. The price of copper declined sharply yesterday after breaking below support from the intra-day low recorded in June of last year."
"As a result the price of copper has declined to its lowest level since July 2010 extending its percentage decline since the recent peak from February 2011 to just over 35%. In comparison the price of iron ore and coal have also both declined by just over 45% since their respective peaks in early 2011 highlighting the negative impact of weakening demand from China".
"The ongoing terms of trade deterioration for industrial commodity producing countries will keep their domestic currencies under downward pressure such as the Australian dollar, with the AUD/USD rate falling back below the 0.9000-level overnight."