Reported by: Eric CRWE Newswire Middle East correspondent
The Japanese Yen surged in overnight trading and reached its 15 year high against the US dollar, the Japanese Finance Minister Yoshihiko Noda declined to comment on any probability the government would intervene in Yen speculation. Traders on the whole took it as a positive sign perceiving that the Japanese government does not intend to control the recent Yen price hike.
The Yen gained to 84.34 against the US dollar after reaching the high of 84.84 in the overnight market. The Euro also dropped to its lowest in the last nine years at 106.14 against the Yen. The pair EUR/YEN lowest was 107.27 in June, 2010.
The Euro also reached its six week low versus the US dollar at 1.2607 whereas traders are expecting a further fall to $1.2605 for the Euro.
The Asian stock market was mostly down as Nikkei 225 stock average dropped 1.3 percent to 8,995.14 the lowest since May 2009. Hang Seng Index also declined 1.1 percent to 20,658.71 whereas South Korea’s Kospi fell 0.4 percent to 1,760.53. However Shanghai Composite Index reported a gain of 0.4 percent to close at 2,650.31 for the day.
Bearish closings were also witnessed in stock markets of Singapore, Indonesia, Thailand and India.
In London the FTSE 100 dropped 1.1, France’s CAC-40 declined 1.5 percent and DAX dropped 1 percent in European trading session.
Crude Oil prices faced heavy correction in the overnight market in Singapore. Crude oil future contracts for October delivery dropped $0.84 to $72.26 by midday on the New York Mercantile Exchange and in Kuala Lumpur electronic trading. Brent crude for October delivery also fell $0.71 to $72.91 per barrel on the ICE futures Exchange in London.
THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY!
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