CNY/USD Fundamental Outlook at 1500 GMT (EST + 0500)

CNY/USD Fundamental Outlook at 1500 GMT (EST + 0500)

 @ibtimes
on June 19 2009 6:29 PM

The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the Â¥96.00 figure and was capped around the Â¥97.15 level. Minutes from Bank of Japan Policy Board€™s meeting on 20-21 May were released overnight and they revealed the possibility of a shift in BoJ policy toward the end of the next quarter. Policymakers indicated €œwhether to keep buying corporate debt from banks and providing them with unlimited loans after 30 Sept €œshould be determined based on close examination of developments in financial markets and corporate financing.€ BoJ Governor Shirakawa said the central bank€™s policy should be €œin a predictable manner to market participants€ Last month, the central bank raised its assessment of the economy for the first time since 2006. The Nikkei 225 stock index climbed 0.85% to close at Â¥9,786.26. U.S. dollar offers are cited around the Â¥104.15 level. The euro moved higher vis-à-vis the yen as the single currency tested offers around the Â¥135.15 level and was supported around the Â¥134.05 level. The British pound moved higher vis-à-vis the yen as sterling tested offers around the Â¥159.60 level while the Swiss franc moved higher vis-à-vis the yen and tested offers around the Â¥89.45 level. In Chinese news, the U.S. dollar strenghtened vis-à-vis the Chinese yuan as the greenback closed at CNY 6.8353 in the over-the-counter market, up from CNY 6.8337.

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