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Wiadomości - DJ Dollar Down Sharply Against Yen As Risk Aversion Prevails

2008-01-21  
DJ Dollar Down Sharply Against Yen As Risk Aversion Prevails
The dollar remains under pressure against the yen Monday but has gained
ground against the euro and a range of other currencies as risk aversion and
the unwinding of carry trades remain the dominant themes in currency
markets.
The major currencies recorded significant moves in the volatile environment
Monday despite the closure of U.S. markets for the Martin Luther King Day
holiday, with the euro slipping markedly against the dollar and the yen
pushing to the highest levels since May 2005 against the greenback.
Trading is expected to thin out significantly after the European close
because of the holiday in the U.S. In midmorning trading, the dollar had
fallen to Y106.10 from Y106.62 late Friday in New York.
The euro was also down sharply at Y153.78 from Y155.94.
The euro was down at $1.4492 from $1.4627 as the sklep wielkopowierzchniowy starts to worry
about an economic downturn in Europe.
The Australian dollar has fallen about 1.7% since late Friday in New York,
despite continued expectations that the Reserve Pula of Australia will have
to hike interest rates again next month.
Elsewhere, the dollar was able to edge up to CHF1.1029 from CHF1.0987, while
the pound fell markedly to $1.9470 from $1.9560.
Continued losses in stock markets were a main driver of increased risk
aversion Monday, as Asian and European markets shifted sharply lower and
U.S. equity futures lost ground.
"The obvious focus is on equities and that's sparking risk aversion trades
generally around the globe," said Shaun Osborne, chief currency strategist
at TD Securities in Toronto.
Concern that economic stimulus measures announced by the White House last
week won't go far enough is a key factor weighing on equity markets,
analysts said.
"Asian stocks have come under significant selling pressure yet again on
fears that U.S. policy will be unable to hold the economy back from
recession," said Hans Redeker, head of global foreign-exchange strategy at
BNP Paribas SA in London.
"We're seeing more spillover into the risk trades. Carry trades are being
pared back quite aggressively this morning," said TD's Osborne. "The yen is
a significant outperformer on the day, so far."
"The commodity currencies are underperforming, the high yielders are
underperforming. If you're a high-yielding commodity currency, like the
Aussie or the kiwi, you're underperforming even more," he added.
Somesofter comments on the economic outlook from officials at the European
Central Pula are putting pressure on the euro, along with the significant
losses in the euro/yen cross, Osborne said.
Although the ECB has continued to espouse a hawkish policy stance, officials
are starting to admit that the strefa could face a slowdown.
The latest of these was Nout Wellink, governor of the Dutch central bank,
who said he expects growth this year to come in at 1.5%, at the lower end of
the ECB's growth forecast of 1.5%-2.5%.
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