Wednesday, June 17, 2009

learn day trading currencies june 17

The yen declined from a three-week high against the euro and weakened versus the dollar as speculation the global economy is close to bottoming revived demand for higher-yielding assets.

Japan's currency fell versus all of the 16 major currencies after Japanese stocks rebounded, President Barack Obama said he is confident growth in the U.S. will begin "shortly" and the Bank of Japan raised its assessment of the economy. The dollar dropped against the euro after the leaders of Brazil, Russia, India and China yesterday called for a "more diversified" global monetary system.

The yen declined to 134.52 per euro as of 7:36 a.m. in London from 133.38 in New York yesterday, after earlier rising to 132.56, the highest level since May 28. Japan's currency dropped to 96.67 against the dollar from 96.38. The dollar weakened to $1.3920 per euro from $1.3837.

Crude oil rose above $71 a barrel in New York as investors sought commodities as a hedge against inflation after the dollar fell against the euro for a second day. Crude oil for July delivery climbed as much as 72 cents, or 1 percent, to $71.19 a barrel in electronic trading on the New York Mercantile Exchange. It was at $71.12 a barrel at 2:33 p.m. Singapore time. Futures earlier fell as much as 56 cents, or 0.8 percent, to $69.91 a barrel.

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