Seven Month High For Euro And Exotic Currencies Party

Sep. 19, 2013 4:08 AM ET
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Seven month high for Euro, above 1.35 and Exotic currencies party after Fed decision yesterday…

Asian shares: Japan's Nikkei 1.80%, Hong Kong's Hang Seng 1.67%(07:00 GMT), Korea's Kospi -0.39%, Australia's ASX 200 1.11% and China's Shanghai 0.21%.

The Federal Reserve Open Market Committee surprised the financial markets Wednesday, opting not to reduce $85 billion in monthly asset purchases, sending the S&P 500 to a new lifetime high.

Fed's Bernanke says FOMC might not hike until unemployment far below 6.5%. Saying it needs more evidence of lasting improvement in the economy and warning that an increase in interest rates threatened to curb the expansion. "Conditions in the job market today are still far from what all of us would like to see,….The committee has concern that rapid tightening of financial conditions in recent months would have the effect of slowing growth."

The FED, in a statement, left unchanged its outlook that its target interest rate will remain near zero "at least as long as" unemployment exceeds 6.5 percent, so long as the outlook for inflation is no higher than 2.5 percent.

ECB Asmussen says interest rates to be low for some time.

Swiss exports fell in August on declining trade with the European Union, with the pharmaceutical and machinery branches sagging even as exports of Swiss watches improved. Exports from Switzerland slipped by 4.6 percent in August in real terms to 14,65 billion Swiss francs.

BOJ's Kuroda says BOJ policy clearly having a positive impact on economy.

BOJ board member Kuichi: Sees risk to Japan economy tilted somewhat to downside. Japan's economy expected to continue moderate recovery. Risk to Japan economy tilted somewhat to downside. Uncertainty on overseas economies growing. Uncertain if advanced economies, mainly US, can take up slack from slowing growth in emerging nations. Speculation of Feed policies has driven down currencies, stocks in emerging nations - weighs on their economies. Two-year time frame is too short in meeting BOJ 2% inflation target.

The Federal Reserve's surprise decision to refrain from scaling back monetary stimulus provided a respite to investors in emerging markets, where currencies are in the midst of their worst rout in two years. The Brazilian real and Turkish lira jumped more than 2 percent yesterday, while the Indian rupee led gains in Asia today, after the Fed said it will keep buying $85 billion of debt a month. Indonesia's Jakarta Composite Index advanced the most since October 2011.JPMorgan Chase & Co.'s index for dollar-denominated bonds in developing nations posted the biggest rally in almost three months. Thailand's baht appreciated 2.1 percent, heading for the biggest gain in six years.

U.S. 10-year note fell 16 basis points, or 0.16 percentage point, to 2.69 percent yesterday and was little changed today, making higher yielding emerging market assets more attractive.

New Zealand's economy expanded more than forecast in the second quarter from a year earlier as increased construction activity offset the drag from the worst drought in 30 years, sending the nation's currency higher. Gross domestic product grew 2.5 percent in the three months through June from the year-earlier period.

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