fxpulsation Posted February 6, 2012 Report Share Posted February 6, 2012 Dollar And Yen Rise On Greece Woes The U.S. dollar and the Japanese yen strengthened against other major currencies on Monday as worries about Greece's unresolved debt crisis prompted traders to bet on safe-havens. Investors remained cautious as Greek political leaders will resume talks today after failing to bridge differences on reforms required by the International Monetary Fund, the European Central Bank and the European Commission, known collectively as the troika. After meeting for hours over the weekend, Prime Minister Lucas Papademos said they had agreed on some conditions, but others needed to be addressed. The dollar climbed to a 12-day high of 0.9265 against the Swiss franc, compared to last week's close of 0.9191. The next upside target level for the dollar is seen at 0.934. The dollar rose to 5-day highs of 1.3032 against the euro and 1.5733 against the pound. If the dollar gains further, it may likely target 1.295 against the euro and 1.570 against the pound. The euro-dollar and the pound-dollar pairs were worth 1.3144 and 1.5821, respectively at last week's close. Data from the Lloyds Banking Group's Halifax division showed today that U.K. house prices recovered in January after falling in previous two straight months. House prices rose 0.6 percent month-on-month, reversing last month's 1 percent fall. Prices in the three months to January were 1.8 percent lower than in the same period a year earlier. The US dollar that closed last week's trading at 0.9940 against the Canadian dollar strengthened to 0.9982. If the greenback-loonie pair advances further, it will break parity and target the 1.004 level. Against the Australian dollar, the US dollar edged up to 1.0686, compared to Friday's close of 1.0771. On the upside, 1.060 is seen as the next target level for the greenback. The U.S. dollar advanced to a 5-day high of 0.8290 against the New Zealand dollar and the next upside target level for the greenback is seen at 0.824. At last week's close, the kiwi-greenback pair was quoted at 0.8356. But the dollar pulled back from its Asian session's 10-day high of 76.81 and the pair is currently trading at 76.70. At Friday's close, the dollar-yen pair was quoted at 76.59. The yen also gained today, hitting 4-day highs of 99.90 against the euro and 82.77 against the franc. If the yen advances further, it may likely target 99.6 against the euro and 82.4 against the franc. The euro-yen and the franc-yen pairs were worth 100.67 and 83.37, respectively at Friday's close. Against the pound, the yen rose to as high as 120.60 with 120.4 seen as the next upside target level. The pound-yen pair ended Friday's trading at 121.17. The yen jumped to 63.53 against the New Zealand dollar and 81.91 against the Australian dollar, compared to last week's close of 64.0 and 82.49, respectively. The next upside target level for the yen is seen at 63.3 against the kiwi and 81.4 against the aussie. Meanwhile, the yen recovered from its previous session's 10-day low of 77.21 against the Canadian dollar. As of now, the pair is worth 76.86, compared to 77.08 hit late New York Friday. Looking ahead, German factory orders for December is due at 6 am ET and Canada's Ivey PMI for January is expected at 10 am ET. More FOREX-news on pages Insta Forex.Com Quote Link to comment Share on other sites More sharing options...
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