Thursday, February 11, 2016

Forex - Yen gains further in Asia on holiday-thinned trade

Investing.com - Investing.com - The yen gained against the dollar in early Asia on Thursday on the back of testimony from the Fed chief with markets in China and Japan shut for holidays.

USD/JPY changed hands at 113.28, down 0.07%, while AUD/USD traded at 0.7104, up 0.11%.

In Australia, MI annual trimmed mean inflation views for February held steady at 3.6% from January.

The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was last quoted at 95.84, down 0.21%.

Overnight, the dollar pushed higher against the other major currencies on Wednesday, after Federal Reserve Chair Janet Yellen said conditions in the U.S. would allow it to pursue "gradual" adjustments to monetary policy.

In testimony to Congress, Yellen said the US economy faces a number of global threats that could derail growth and compel the Fed to slow the pace of future interest rate hikes.

While the Fed expects to raise interest rates gradually, it is not on any pre-set course, Yellen said, adding that the central bank would likely move slower "if the economy were to disappoint".

Meanwhile, demand for the yen continued to be underpinned as Japan's Nikkei fell overnight, amid persistent fears over the health of the global economy and the euro zone financial sector.

Global stocks have sold off sharply this week, hit by a combination of fears over slowing global growth, more widespread use of negative interest rates and a prolonged depression in the commodity sector.

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