Reuters - $, yen
Ето ви четиво, ако ви е скучно:
FOREX-Dollar slips as market eyes BOJ, Iraq news
Wed February 26, 2003 06:03 PM ET
(Recasts, updates prices)
By Andrea Ricci
NEW YORK, Feb 26 (Reuters) - The dollar edged lower on Wednesday as traders kept one eye on the Bank of Japan and another on developments in Iraq, but trade was thin and most currencies stayed within well-defined ranges.
Concerns about stealth Bank of Japan intervention kept dealers dancing around 117 yen, the level that has been pinpointed as an area of buying interest that many speculate could reflect the official hand of Japan.
"It has all the fingerprints of an official-type bid," said Grant Wilson, vice president at Mellon Bank in Pittsburgh. He noted that the price action was very similar to that seen in January, when the Bank of Japan quietly sold yen for dollars, that time around the 117.55-65 yen level.
The yen has been rising over the past several days, supported by repatriation by Japanese corporates ahead of the fiscal year end on March 31 and by expectations that Japan"s newly nominated Bank of Japan governor would not support such yen-depressing policies as inflation-targeting and aggressive buying of foreign bonds as a way to fight the country"s persistent deflation.
Japan"s government would prefer a weaker yen to help bolster its important export sector, and officials have said repeatedly they would act if currency moves were volatile.
Japanese Vice Minister for International Affairs Zembei Mizoguchi on Wednesday would not comment on reports of intervention, although he said recent movements in the market had been rapid and inappropriate and reiterated that the ministry was watching the market closely.
"There was a lot of interest to buy dollar/yen at 117 yen today," noted John Beerling, chief dealer at Wells Fargo in Minneapolis. "I wouldn"t say that Japan is drawing a line in the sand, but it does seem that they are trying to smooth things."
In late trading in New York, the dollar was at 117.08 yen JPY= , down 0.15 percent in the session.
Ето ви четиво, ако ви е скучно:
FOREX-Dollar slips as market eyes BOJ, Iraq news
Wed February 26, 2003 06:03 PM ET
(Recasts, updates prices)
By Andrea Ricci
NEW YORK, Feb 26 (Reuters) - The dollar edged lower on Wednesday as traders kept one eye on the Bank of Japan and another on developments in Iraq, but trade was thin and most currencies stayed within well-defined ranges.
Concerns about stealth Bank of Japan intervention kept dealers dancing around 117 yen, the level that has been pinpointed as an area of buying interest that many speculate could reflect the official hand of Japan.
"It has all the fingerprints of an official-type bid," said Grant Wilson, vice president at Mellon Bank in Pittsburgh. He noted that the price action was very similar to that seen in January, when the Bank of Japan quietly sold yen for dollars, that time around the 117.55-65 yen level.
The yen has been rising over the past several days, supported by repatriation by Japanese corporates ahead of the fiscal year end on March 31 and by expectations that Japan"s newly nominated Bank of Japan governor would not support such yen-depressing policies as inflation-targeting and aggressive buying of foreign bonds as a way to fight the country"s persistent deflation.
Japan"s government would prefer a weaker yen to help bolster its important export sector, and officials have said repeatedly they would act if currency moves were volatile.
Japanese Vice Minister for International Affairs Zembei Mizoguchi on Wednesday would not comment on reports of intervention, although he said recent movements in the market had been rapid and inappropriate and reiterated that the ministry was watching the market closely.
"There was a lot of interest to buy dollar/yen at 117 yen today," noted John Beerling, chief dealer at Wells Fargo in Minneapolis. "I wouldn"t say that Japan is drawing a line in the sand, but it does seem that they are trying to smooth things."
In late trading in New York, the dollar was at 117.08 yen JPY= , down 0.15 percent in the session.
i ste vidish
Коментар