Corporate foreign exchange news

Foreign exchange news: Yen climbs at end of Q3

Wednesday, 30 September 2009 09:21:56 GMT

The yen climbed against the greenback in Asian foreign exchange trading on Wednesday (September 30th), bolstered by a dollar selloff ahead of the end of the third quarter of the year later today.
Ahead of the markets opening in Europe, the dollar suffered against a broad basket of currencies, with the Australian dollar climbing to a 13-month high against its US counterpart.
Over the last quarter, the dollar has fallen seven per cent against the yen.
Speaking to Reuters, Tsutomu Soma, senior manager of foreign securities at Okasan Securities, commented: "The market is dominated by quarter-end flows from companies and position-squaring by investors, temporarily lacking a clear sense of direction."
On Monday, Daily FX committed to a bullish position for the dollar this week, but Soma was insistent that in the longer term, the dollar would continue to slide, while some foreign exchange brokers are expected to sell the currency on rebounds.ADNFCR-2522-ID-19385070-ADNFCR
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