The yen has started
2016 as the currency of choice for investors rattled by a change in
China’s approach to the yuan and oil prices sliding to a 12-year low.
Japan’s currency has
strengthened 2 percent against the greenback this year, extending its
advance on Tuesday after oil dropped below $30 a barrel. Gains were
muted by an advance in U.S. stocks and after Chinese authorities stepped
up efforts to stabilize the yuan. Australia’s dollar was within 1
percent of a four-month low before data that economists say will show
Chinese imports and exports contracted in December.
The yen dropped 0.2
percent to 117.87 per dollar as of 9:40 a.m. in Tokyo and was little
changed at 127.71 per euro. The dollar rose 0.2 percent to $1.0835 per
euro.
The 14-day
relative-strength index for the yen against the dollar was at 31 after
being below 30 for five days through Tuesday as the yen jumped last week
by 2.8 percent, the most since August 2013. A reading below 30 is a
signal to some traders that a currency pair is poised to reverse
direction.
The Australian dollar rose 0.3 percent to 70.09 U.S. cents after dropping to 69.28 cents on Jan. 11, the lowest since Sept. 8.
Source : Bloomberg
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