USD/JPY Performance Chart as at 3:30 a.m. Singapore time, 27/04/11

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HISTORICAL DETAILS 

% Change

1 Wk -1.05%

1 Month 0.47%

3 Months -0.55%

6 Months 0.36%

1 Year -13.04%

 

52 WEEK

High 94.99

Low 76.25

 

BLOOMBERG MEDIAN FORECASTS

Q2 2011 85.00

Q3 2011 86.00

Q4 2011 88.00

Q1 2011 90.00

 

DAILY DETAIL

The dollar slipped to a four-week low against the yen this morning before recovering to trade at noon in New York at ¥81.62, down 0.3%, again victim of its overall weakness and uncertain direction of its Fed policy. [5] On Wednesday, Japanese Retail Trade figures will be released with analysts expecting a heavy drop in March by 5.4% following 0.8% which makes sense following the March 11 devastating earthquake and tsunami. In the US, we will see the release of durable goods orders for March, which are expected to increase by 1.5% from the previous month’s decline of 0.9%. Nevertheless, the market’s focus will be totally dedicated to the FOMC meetings and any decisions forthcoming – the anticipation of which has already started to move the markets since the beginning of the week. The focus remains on Bernanke’s speech and new Fed projections and comments on the QE2 program. Therefore, it is highly probable that volatility will reign tomorrow with such keen market focus on the FOMC meetings. Paolo Palazzi-Xirinachs, Chicago

 

Notes: Source: [1] Reuters (26 April 2011), [2] Bloomberg UK (26 April 2011), [3] Reuters UK (26 April 2011), [4] Sydney Morning Herald (26 April 2011), [5] Wall Street Journal (26 April 2011). Chart data supplied by Bloomberg.