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The Yen Falls To Three-Month Low As Abe Wins

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USD

On Monday, the Greenback hit a three-month high vs. the yen, with traders betting that an emphatic election victory for Liberal Democratic Party of Japan (LDP) could see a continuation of the super-loose "Abenomics" policy while kept downward pressure on the JPY.

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.22% at 93.908 pips.

EUR

The Euro declined from over a 2 years peak of $1.2092 scaled on September 8, as traders waited and watched for the next big development in Spain. Looking ahead, traders are awaiting the ECB’s policy meeting on Thursday. The single currency fell as much as 0.31% vs. the U.S. dollar to settle at $1.1747. On the release front, markets are awaiting Euro-Zone Consumer Confidence.

GBP

The Sterling pound edged lower vs. the Greenback to $1.3175. No reports are due from the UK today. 

JPY

The JPY fell to a three-month low against the Greenback, with USD/JPY ¥113.81 as Japanese Prime Minister Shinzo Abe's ruling party secured a two-thirds "super majority" at Sunday's election. Shinzo Abe’s big win gave the green light for a continuation of Japan’s super-easy monetary policy, in a reassuring signal for the global bond markets. 

Gold

Gold prices declined as the Greenback showed strong gains after Japan's Premier Shinzo Abe resoundingly won re-election, signaling continued of Japan’s hyper-easy monetary policy. Gold Futures - Dec 17 was down 0.28% at $ 1,276.94. 

Oil

Earlier today, Oil prices edged up oversupply worries in the Middle East while demand in Asia keeps on rising. China's oil demand is still voracious, touching a January to September average of 8.5 million barrels per day (bpd).

Crude Oil WTI Futures - Dec 17 rose as much as 0.27%, to settle at $51.98, while Brent Oil Futures - Dec 17 fell as much as 0.12%, to settle at $ 57.68

Economic Calendar (all times in GMT)

  • EUR Euro-Zone Consumer Confidence (OCT A): (GMT 14:00) – Medium- Forecast (-1.1) – Previous (-1.2).

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