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Yen Weakens After Trade Data as Asian Stocks Gain; Copper Falls

Written By Kontak Perkasa Futures on Monday, October 21, 2013 | 10:20 AM


Kontak Perkasa - Bloomberg (20/10) -- The yen weakened against all of its major peers after Japan’s exports trailed estimates while Asian stocks climbed from a five-month high as investors weighed the timing of a reduction in Federal Reserve stimulus. Copper fell.

The yen declined 0.3 percent to 97.96 per dollar as of 11:06 a.m. in Tokyo, slipping against 16 major counterparts. The MSCI Asia Pacific Index gained 0.2 percent, on course for the highest close since May 21. Futures on the Standard & Poor’s 500 Index added 0.1 percent after the gauge reached a record on Oct. 18. Australia’s dollar snapped an eight-day rally to drop 0.2 percent and copper futures in London lost 0.1 percent.

The Bank of Japan will continue pumping cash into the economy to spur inflation, Governor Haruhiko Kuroda said today, after government data showed exports in September increased less than economists forecast. The Fed won’t taper its monthly bond purchasing program until March next year because the U.S. government shutdown slowed fourth-quarter growth, according to a Bloomberg survey of economists conducted Oct. 17-18.

“The yen is probably leading the way as far as losses versus the dollar are concerned,” said Sacha Tihanyi, a senior currency strategist at Scotiabank in Hong Kong. “Equities are doing a bit better. We haven’t seen a turn in the trade balance, which is a little bit concerning.”
Written by: Kontak Perkasa Futures
PT.Kontak Perkasa Futures, Updated at: 10:20 AM
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