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AceTraderFx March 17: Japanese yen rises on risk aversion ahead of Sunday's outcome..
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acetraderforex
post Mar 17, 2014, 02:44 AM
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post Mar 17, 2014, 02:44 AM
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smile.gif AceTraderFx March 17: Japanese yen rises on risk aversion ahead of Sunday's outcome..


Market Review - 14/03/2014 11:44GMT

Japanese yen rises on risk aversion ahead of Sunday's outcome of the referendum in Crimea

The Japanese yen rose broadly against major currencies on Friday due to renewed risk aversion on increased tensions in Ukraine together with the fears about the health of the Chinese economy as Chinese Premier Li Keqiang warned on Thursday that the economy faced "severe challenges" in 2014 while expectations of more debt defaults kept alive worries about the state of its financial sector. However, trading was relatively thin on Friday as traders and investors are reluctant to add bets ahead of the outcome of the referendum in Crimea on Sunday.

The yen poised for its biggest weekly gains in more than a month against the euro and the dollar. Euro fell sharply fm Monday's high at 143.61 to as low as 140.46 whilst U.S. dollar tumbled from Tuesday's high at 103.43 to as low as 101.21 on Friday. Sterling also fell sharply from Monday's high at 172.87 to as low as 167.96 on Friday.

The single currency hit a 2-1/4 year high versus U.S. dollar on Thursday and then retreated to 1.3846 after European Central Bank President Mario Draghi raised concerns about the strength of the eurozone common currency, however, renewed buying at 1.3848 on Friday lifted price to 1.3938 in New York.

News from Reuters, the White House said that Russia's failure to take steps to ease the crisis in Ukraine is "regrettable" and the United States is ready to respond quickly following a referendum planned for Sunday on whether Ukraine's Crimea region should join Russia.

Despite cable's marginal weakness below Thursday's low at 1.6607 to 1.6587, the British pound rebounded strongly after "cable-positive" comments from BoE's Bean who said 'business surveys, employment growth suggests official overall economic growth figures may be an underestimate.' Cable rose to a session high at 1.6649 near New York close.

"We have obviously not gotten to a situation where Russia has chosen to de-escalate, where Russia has chosen a path of resolving the situation peacefully and through diplomacy. That is regrettable. We will have to see how the next several days unfold," White House spokesman Jay Carney told a briefing.

"We stand ready to respond should the referendum go forward on Sunday," Carney said. Asked how soon the response would come, he said, "I think without putting too fine a point on it, I'd say quickly."

Data to be released next week:

U.K. Rightmove house price, EU CPI, U.S. Empire manufacturing, net long term TIC, total net TIC flows, industrial production, capacity utilization, NAHB housing market index on Monday.

Italy trade balance, German ZEW current situation, ZEW expectation, EU ZEW expectation, U.S. CPI, housing starts, building permit, Redbook retail sales on Tuesday.

New Zealand current account, Australia leading index, Japan trade balance, import, export, all activity index, leading index, France current account, U.K. BoE minutes, jobless claim, average weekly earning, unemployment rate, employment change, Swiss Zew expectation, Canada wholesale sales, U.S. FOMC rate decision on Wednesday.

New Zealand GDP, Swiss trade balance, import, export, rate decision, Germany PPI, Italy current account U.K. CBI trend total orders, U.S. initial jobless claims, Philadelphia Fed business outlook, existing home sales, leading index on Thursday.

New Zealand consumer confidence, EU current account, consumer confidence U.K. public finance, Canada retail sales, CPI on Friday. Japan financial market will be closed due to public holiday.
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