Markets end week with eyes on Japan
Fri, Mar 11 2011, 22:11 GMT FXstreet.com
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FXstreet.com (Córdoba) – The Yen finished the week with gains across the board, rising sharply on Friday after an earthquake hit northern Japan. The catastrophic event triggered a decline in Asian and European markets but in Wall Street stocks finished Friday slightly in positive, but in negative for the week.
The earthquake was followed by a devastating tsunami. The Yen reacted to the downside initially but afterwards jumped in the market, erasing weekly losses. The damage and consequences of the catastrophic event are not yet know and the situation in affected areas is still dramatic. A nuclear emergency has been declared and several big aftershocks shook Japan.
Market participants will focus over Japan during the weekend. The Bank of Japan announced that next Monetary Policy Meeting, to be held on Monday will finish on the same day, and not on Tuesday as it was previously schedule. Once open on Monday, markets will have a better analysis of earthquake’s impact.
Euro jumps on agreement
The Euro rose sharply across the board in the last hours of trading on Friday after leaders of the Eurozone agree on a pact that will probably be officially sign during a European Union summit on March 24. The “pact for the euro” is designed to coordinate economic policies across the region and to improve its competitiveness. If signed, the road would be clear for an agreement over the next rescue fund, that will replace in 2013 the current European Financial Stability Facility.
The EUR/USD rose from 1.3775 reaching levels on top of 1.3900 at the end of the session while EUR/CHF erased losses and soared to 1.2925, after having reach a 1-week low at 1.2825.
FXstreet.com (Córdoba) – The Yen finished the week with gains across the board, rising sharply on Friday after an earthquake hit northern Japan. The catastrophic event triggered a decline in Asian and European markets but in Wall Street stocks finished Friday slightly in positive, but in negative for the week.
The earthquake was followed by a devastating tsunami. The Yen reacted to the downside initially but afterwards jumped in the market, erasing weekly losses. The damage and consequences of the catastrophic event are not yet know and the situation in affected areas is still dramatic. A nuclear emergency has been declared and several big aftershocks shook Japan.
Market participants will focus over Japan during the weekend. The Bank of Japan announced that next Monetary Policy Meeting, to be held on Monday will finish on the same day, and not on Tuesday as it was previously schedule. Once open on Monday, markets will have a better analysis of earthquake’s impact.
Euro jumps on agreement
The Euro rose sharply across the board in the last hours of trading on Friday after leaders of the Eurozone agree on a pact that will probably be officially sign during a European Union summit on March 24. The “pact for the euro” is designed to coordinate economic policies across the region and to improve its competitiveness. If signed, the road would be clear for an agreement over the next rescue fund, that will replace in 2013 the current European Financial Stability Facility.
The EUR/USD rose from 1.3775 reaching levels on top of 1.3900 at the end of the session while EUR/CHF erased losses and soared to 1.2925, after having reach a 1-week low at 1.2825.
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