Monday, May 24, 2010

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The USD and JPY rose against higher-yielding currencies with USDJPY trading at 90.14 as political tension on the Korean peninsula boosted demand for safer assets. The USDKRW advanced 1.3% to 1,210.65 from 1,194.40 on May 20, after earlier reaching 1,220.75, the strongest since Sept. 15 to an eight-month high after South Korea said it will halt trade with the North and seek UNSC action over the sinking of a warship in March. Yuan forwards gained on speculation Chinese officials will indicate their intention to allow the currency to strengthen during talks with US in the coming two days. Geithner who is in China for the two-day Strategic and Economic Dialogue will say that Europe's crisis should have only a small effect on the broader global recovery and later meet with EU officials and reinforce his call for coordinated efforts to fight off the crisis and rein in government spending. The USD will probably become a "growth currency" during the next decade, shedding its haven status of the past decade, as the US economy outperforms Europe and Japan according to UBS. The likelihood that the USD performs strongly when investors are risk-seeking will signify a major change in the currency markets. The AUDUSD fell 1.4% to 0.8206 from 0.8318 last week, when it completed a 6.1% drop after touching 0.8073 on Friday, the least since July 2009 and AUDJPY slid 1.6% to 73.75 and NZDUSD weakened 1.1% to 0.6709 and NZDJPY was at 60.29 for the sixth time in seven days on concern Europe's debt crisis will spread. The AUDUSD extended last week's biggest weekly decline since October 2008 as slumping Asian equities spurred investors to dump higher-yielding assets. The currency also fell after Rio Tinto said the proposed mining profit tax acted as a "wet blanket" on its investment plans in the nation. The AUD fell as Rio said it will be shifting resources away from Australia after the government proposed a resources "super profits" tax. Traders cut bets for a fifth [...]

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