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9 Dec 2014
Forex Top movers: Sell the Dollar; Buy the Yen
FXStreet (San Francisco) - As well as the US dollar is falling across the board, the Japanese Yen is gaining against its major competitors. All these amid taking profits and risk aversion trade. US Treasurys rose while Gold rallied over 3%.
Currently, the US dollar index $DXY trades 1% lower at 88.20, compared to the previous session’s close of 89.0. Meanwhile, the Japanese Yen, with a weight of 13.6% in the DXY, gained 1.45% to trade at 118.84 after bottoming at 117.90.
The USD/JPY is extending its decline from Yesterday's high of 121.80 which means a 19% correction of the 2100-pip rally started in July 2014. According to Greg Michalowski from ForexLive, the USD/JPY correction could go to 115.00 and even 113.00.
At the American lunch time, top performers to the upside are: USD/RUB (+1.42%), NZD/USD (+0.87%) and EUR/USD (+0.72%); to the downside, top losers are the mentioned USD/JPY, then USD/ZAR (-0.98%), AUD/JPY (-0.84%) and CAD/JPY (-0.83%).
Currently, the US dollar index $DXY trades 1% lower at 88.20, compared to the previous session’s close of 89.0. Meanwhile, the Japanese Yen, with a weight of 13.6% in the DXY, gained 1.45% to trade at 118.84 after bottoming at 117.90.
The USD/JPY is extending its decline from Yesterday's high of 121.80 which means a 19% correction of the 2100-pip rally started in July 2014. According to Greg Michalowski from ForexLive, the USD/JPY correction could go to 115.00 and even 113.00.
At the American lunch time, top performers to the upside are: USD/RUB (+1.42%), NZD/USD (+0.87%) and EUR/USD (+0.72%); to the downside, top losers are the mentioned USD/JPY, then USD/ZAR (-0.98%), AUD/JPY (-0.84%) and CAD/JPY (-0.83%).