Yen Mixed Against Majors



During early Asian deals on Monday, the first trading day of the year 2011, the Japanese yen showed mixed trading against other major currencies.

While the yen eased from near an 8-week high against the US dollar, it fell to a 5-day low against the Canadian dollar. On the other hand, the yen rose to a 4-day high against the euro and it almost showed choppy trading against the currencies of Australia, New Zealand, U.K. and Switzerland.

The stock markets in Australia, New Zealand, Japan, China and Thailand are closed today for a public holiday.

Among other Asian markets, Hong Kong's Hang Seng climbed 1.3% thus far, South Korea's Kospi advanced 0.7% and Taiwan's main index gained 0.4%.

The Japanese yen that surged up to near an 8-week high of 80.94 against the U.S. dollar in early Monday Asian deals at 5:50 pm ET eased thereafter. The yen is currently worth 81.35 per dollar, compared to last week's close of 81.52. On the downside, 81.9 is seen as the next target level for the yen.

During early Asian deals on Monday, the yen rose to a 4-day high of 107.94 against the euro. The next upside target level for the yen is seen at 107.6. At last week's close, the pair was quoted at 108.33.

The yen fell to a 5-day low of 81.94 against the Canadian dollar in early Asian deals on Monday. If the yen weakens further, it may likely target the 82.5 level. The loonie-yen pair closed last week's trading at 81.53.
In early Asian session on Monday, the yen showed choppy trading against the currencies of Australia, New Zealand, U.K. and Switzerland. As of now, the yen is worth 126.37 against the pound, 86.96 against the franc, 82.85 against the aussie and 63.0 against the kiwi.

Looking ahead, final manufacturing PMI reports for December from the major European economies are expected in the upcoming European session.

Across the Atlantic, the U.S. ISM manufacturing index for December and construction spending for November are slated for release in the New York morning.