YEN HALTS LOSSES AGAINST GREENBACK
After 12 weeks of declines versus the US dollar the yen has finally taken a rise against the greenback and most of its other peers. This comes amid speculation that the yen's rapid decline has been too quick.
Yen rose 0.3% against the euro to 126.29 after its biggest low since April 2012. The yen also gained 0.1% against the US dollar, after reaching its lowest level since May 2012.
The yen's weakness results from expectations that Japanese Prime Minister Shinzo Abe will persist in monetary easing in order to revive the economy. Abe has already been successful in encouraging the inflation target to increase to 2%.
Meanwhile the Australian dollar has increased against the US dollar even with disappointing data for December, when building approvals dropped 4.4% and job advertisements fell 0.90%. Sentiment has remained supported with an improvement in manufacturing activity in the euro-zone, improving to 47.9 from 46.1. The New Zealand dollar has also remained steady against the greenback, trading at a one and a half month high.
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