Source: ForexYard
The Japanese yen fell to its lowest level against the US dollar since April of 2011 during Asian trading, as the new Japanese government assumed power. The yen has weakened significantly in recent weeks due to speculations that the Japanese Prime Minister will advocate for intense monetary easing.
Most other currency pairs and commodities saw little movement during overnight trading, as the majority of international markets remain closed for the Christmas holiday. The EUR/USD gained some 20 pips and is currently trading at 1.3197, while gold prices advanced slightly less than $6 an ounce.
Main News for Today
With no significant economic indicators scheduled to be released today, traders will want to pay attention to developments in the US “fiscal cliff” negotiations. Any indication that a deal is closer to being reached may result in risk taking in the marketplace, which could boost the euro, AUD and crude oil.
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