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Yen falls broadly on expectations for BOJ easing
SINGAPORE, Oct 23 (Reuters) The yen hit a three month low against the dollar and a five month trough versus the euro on Tuesday, pressured by expectations that the Bank of Japan will further loosen monetary conditions to help the export reliant economy face a global slowdown.
Earlier, the dollar rose to as high as 80.02 yen on trading platform EBS, its highest level since Canada Goose Jackets early July. trade on Monday.
The Bank of Japan is leaning toward easing monetary policy again at its Oct. 30 cheap Canada Goose policy meeting, according to sources familiar with its thinking, with policymakers discussing additional steps that uk canada goose could come together with a canada goose coats further increase in its asset buying scheme.
While the dollar could face some profit https://www.gestiontb.ca taking and offers from Japanese exporters at levels above 80.00 yen, it will probably find support at canada goose uk outlet levels near 79.50 yen in the near canada goose coats on sale term, said Hiroshi Maeba, head of FX trading Japan for UBS in Tokyo.
versus the dollar will probably continue ahead of the BOJ (meeting) and while the dollar cheap canada goose uk might see a slight pullback afterwards, I think this trend will persist, Maeba said, adding that the dollar may rise Canada Goose Coats On Sale toward 82 yen by year end.
The dollar rise versus the yen, however, may lose steam Canada Goose sale if the BOJ buy canada goose jacket were to hold off from monetary easing, he buy canada goose jacket cheap said, adding that the canadian goose jacket dollar may initially fall to the 79.00 yen to 79.50 yen area in that case and could drop further from there.
The balance of flows in the foreign exchange market now canada goose clearance sale seem supportive uk canada goose outlet of the canada goose black friday sale dollar against the yen, given that Japan trade balance has been in a deficit, and also due to the potential for yen selling flows related to Canada Goose Outlet Japanese firms overseas investment, Maeba added. wireless carrier Sprint Nextel Corp, has refocused attention on Japanese firms interest in overseas acquisitions and been viewed as a supportive factor for the dollar versus the yen. economic growth canada goose factory sale toward the year end and receding worries about a worsening of the euro zone sovereign debt crisis also bode ill for the canada goose uk shop yen, said Masafumi Yamamoto, chief FX strategist, Japan for Barclays in Tokyo.
easing Canada Goose online expectations are on the rise, but there are also canada goose uk black friday factors related to the United States as well as an overall improvement Canada Goose Parka in the market risk sentiment, said Yamamoto, who sees the dollar rising to 83 yen toward the end of the year.
The dollar rise versus the yen has gained steam over the past week after breaching resistance levels on technical charts.
The dollar faces more resistance at its late June high of 80.63 yen, while support comes in near 79.45 yen, its 200 day moving average, said Andrew Robinson, FX analyst for Saxo Capital Markets in Singapore.
The yen, a safe haven currency that tends to ease when investors risk appetite improves, hit a five month low against the euro and a one month trough versus the Australian dollar.
Expectations that Canada Goose Online Spain canada goose outlet will apply for a bailout, prompting the European canada goose clearance Central Bank to start buying canada goose store its bonds, have helped support the euro in recent weeks, although uncertainty over the timing of such a move has helped to canada goose limit its gains.