It was a quiet day on Monday for the majority of the other currencies around the world, particularly the Japanese Yen as it was a bank holiday. The yen opened at six-month lows against the euro and a massive seven-year low against the US Dollar. The currency is struggling from last week’s central bank monthly meeting, and continues to remain in a weak position. Some data in support of the yen was Chinese Purchasing Managers’ Index (PMI) data at a five-month low that came back at 50.8 in comparison to a forecast figure of 51.2. This shows some signs of improvement for the safe haven currency.
The rouble continues to suffer as speculators now see it as one way bet i.e. continued weakness even after the Russian central bank raised interest rates more than expected last Friday. Difficult to see how this will change given the problems in Ukraine and the fall in the oil price.
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