MARKET TALK: JPY Crosses Down; EUR/JPY Targets 110.50 - Dealer
0216 GMT [Dow Jones] JPY crosses down further, dragged in part by weakness in NZD, AUD, as risk-sensitive units remain under pressure amid continued concern over tensions on Korean peninsula; EUR/JPY could fall to 110.50 later in global day, says Hideaki Inoue, senior FX dealer at Mitsubishi UFJ Trust and Banking. EUR/JPY marks fresh intraday low at 111.02, last 111.25. EUR/USD also hits fresh intraday low at 1.3307, last 1.3330. But adds despite euro-zone sovereign debt concerns, relatively stable European economic indicators suggest that recent EUR-selling may be overdone. "Certain European indicators have just refused to go down." Data overnight showed Germany's Ifo business climate index rose in November to its highest since Germany's reunification. Says as long as indicators in euro-zone remain mixed, "I'm skeptical that we'd see euro-dollar falling to $1.3000," despite some players' view pair could break that psychologically key level in coming weeks. (andrew.monahan@dowjones.com)
Contact us in Singapore. 65 64154 140;
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MARKET TALK: JPY Crosses Down; EUR/JPY Targets 110.50 - Dealer
0216 GMT [Dow Jones] JPY crosses down further, dragged in part by weakness in NZD, AUD, as risk-sensitive units remain under pressure amid continued concern over tensions on Korean peninsula; EUR/JPY could fall to 110.50 later in global day, says Hideaki Inoue, senior FX dealer at Mitsubishi UFJ Trust and Banking. EUR/JPY marks fresh intraday low at 111.02, last 111.25. EUR/USD also hits fresh intraday low at 1.3307, last 1.3330. But adds despite euro-zone sovereign debt concerns, relatively stable European economic indicators suggest that recent EUR-selling may be overdone. "Certain European indicators have just refused to go down." Data overnight showed Germany's Ifo business climate index rose in November to its highest since Germany's reunification. Says as long as indicators in euro-zone remain mixed, "I'm skeptical that we'd see euro-dollar falling to $1.3000," despite some players' view pair could break that psychologically key level in coming weeks. (andrew.monahan@dowjones.com)
Contact us in Singapore. 65 64154 140;
MarketTalk@dowjones.com
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