The yen depreciated vis-Ã -vis the U.S. dollar today as the greenback tested offers around the Â¥107.55 level and was supported around the Â¥106.75 level. Technically, todayâ€™s intraday high was right around the 50% retracement of the move from Â¥110.10 to Â¥104.95. The yen was pressured today after Credit Suisse posted decent quarterly results. Traders had expected some European banks to post disappointing results like their U.S. counterparts on account of write-downs related to the subprime crisis but the early intraday performance in European bourses raised risk appetites and lessened demand for yen. Traders await the results of the two-day Bank of Japan Policy Board meeting that begins on Thursday with most traders expecting the overnight call rate to remain unchanged at 0.50% for the next few months. Data released in Japan overnight saw orders for industrial machinery fall 1.5% y/y to Â¥523.7 billion. Traders also await Thursdayâ€™s GDP data in Japan. The Nikkei 225 stock index gained 0.04% to close at Â¥13,021.96. Dollar bids are cited around the Â¥105.65/ 104.95 levels. The euro moved higher vis-Ã -vis the yen as the single currency tested offers around the Â¥156.65 level and was supported around the Â¥154.85 level. The British pound and Swiss franc appreciated vis-Ã -vis the yen as the crosses tested offers around the Â¥210.25 and Â¥97.65 levels, respectively. In Chinese news, yuan trading will recommence after the Chinese New Year holiday.
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