Market Commentary and Intraday News

Yen Trades Further Lower Against Major Rivals

249 days ago

(RTTNews) - During early Asian deals on Friday, the Japanese yen traded further lower against major currencies after previous session's Federal Reserve rate decision and Economic Forecasts.

The Federal Reserve took drastic new steps to stimulate the sluggish U.S. economy on Thursday, offering to buy $40 billion of agency mortgage-backed securities each month, starting Friday.

In addition to embarking on a third round of quantitative easing, the Fed also extended its vow to keep interest rates at rock-bottom rates to mid-2015.

The Fed also release its economic forecasts and it said that Fed downwardly revised its 2012 U.S. GDP growth forecast to 1.7-2.0% and upwardly revises 2013 U.S. GDP growth forecast to 2.5-3.0%.

At 7:00 pm ET, the yen traded near a new multi-month low of 100.92 against the euro and a fresh multi-week low of 64.56 versus the NZ dollar from last session's highs of 99.57 and 63.70, respectively.

The Japanese currency also edged down further against other major rivals in today's early deals. As of 7:00 pm ET, the yen dropped to 83.05 against the Swiss franc, 125.42 versus the pound, 77.65 against the US dollar and 81.88 versus the Australian dollar.

Japanese industrial production and capacity utilization data, both for the month of July are due to release in the upcoming hours in Friday.

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