Global Domino Default: Japanese Yen Plunges

Japanese Yen Plunges To New Multi-day Lows Against Dollar, Euro And Franc

10/12/2009 12:17 AM ET (RTTNews) - During early Asian deals on Monday, the Japanese yen declined to new multi-day lows against its U.S., European and Swiss counterparts. The yen also edged down against the US dollar.

Against the US dollar, the Japanese yen traded down during early Asian deals on Monday. At 11:25 pm ET, the yen declined to an 11-day low of 90.14 against the dollar, compared to 89.82 hit late New York Friday. The next downside target level for the yen is seen around 91.6.

The Japanese unit that closed Friday's North American session at 132.22 against the European currency plunged to 132.52 during Monday's early Asian deals. This set a 17-day low for the yen. On the downside, 132.8 is seen as the next target level for the Japanese yen.

Against the British pound, the Japanese currency edged down during Monday's early Asian deals. At 11:25 pm ET, the yen touched a low of 142.74 against the pound, compared to Friday's closing value of 142.29. If the Japanese yen falls further, 148.8 is seen as the next target level.
The yen that closed Friday's New York deals at 87.08 against the Swiss franc slipped to a 12-day low of 87.27 at 11:15 pm ET. The franc-yen pair is currently trading at 87.25 with 87.8 seen as the next target level.

In the European session today, the German wholesale price index for September is due for release.

There are no important economic reports scheduled to be released from U.S. today.

by RTT Staff Writer