Monday, 26 October 2009

Percent against the Japanese

The yen fell on Tuesday, snapping back from its highest levels this month against the dollar and euro and retreating against commodity-linked currencies as Asian share markets steadied after losses.

Eyes were on stock markets after Monday's volatile session in which shares in Shanghai .SSEC lost 5.8 percent and currencies associated with risk-trades, such as the Australian and New Zealand dollars, shed more than 1 percent.

The euro, Aussie and kiwi dollars all rose about half a percent against the Japanese currency and clawed back some lost ground against the dollar as investors covered short positions built in the sell-off the previous day, dealers said.

"Gains in yen crosses today were a recovery from excessive losses the previous day, rather than investors being actively engaged in risk trading," said Ayako Sera, a market strategist at Sumitomo Trust & Banking.

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