Corporate foreign exchange news

Published by Jamie JemmesonThe dollar will pull lower against the yen despite hitting a 14-year low this morning (November 26th), according to data compiled by the Bank of Tokyo-Mistubishi.Speaking to Bloomberg, Masashi Hashimoto, a senior analyst at the unit of Japan's biggest publicly traded bank, said the dollar would continue in the downward channel seen since the start of March.Technical analysis from the group gleaned from Fibonacci sequencing suggests the dollar may slide from the 86.5 yen mark to a mid-84 level, Mr Hashimoto said.He added that an ichimoku chart - which analyses midpoints of historic highs and lows - has also produced sell signals, while the lagging span on the dollar - the most recent closing prices plotted 26 days behind the current level - is also beneath the current exchange rate level.The dollar lost ground against all major currencies during the Asian trading session this morning and continued to weaken as European markets opened. Foreign exchange trading volumes will be light today due to the closure of US markets for Thanksgiving.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site