By Fan Yang
September 7, 2010 10:04 PM GMT
The Japanese yen is indeed gaining to start the week. The USD is also strengthening in a risk adverse environment. This is reflected in the moves of the EUR/USD, GBP/USD, EUR/JPY and GBP/JPY. The USD/JPY is also inching towards the 83.00 target level. Finally the EUR/GBP indeed topped off near 0.84 as anticipated last week.
EUR/USD's decline extended further as expected as reached as low as 1.2496. The break of 1.2625 confirmed resumption of whole fall from 1.4939. Initial bias remains on the downside this week.
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