Mixed Bag in Asia Shares

Japan’s Nikkei Stock Average traded down 0.50 percent, retracing some of its earlier losses of near 1 percent, while the Topix index slipped 0.66 percent.

The yen traded at 114.12 at 10:26 a.m. HK/SIN, retreating from an earlier session high of 113.81, but climbing from levels above 116 to the dollar in the previous week on safe haven demand.

“The yen was driven on the back of risk aversion as outsized movement on pound/yen was the primary driver,” explained Stephen Innes, a senior trader at OANDA, in a note. “There has been less focus on the dollar/yen pair after last week’s hefty position clear out.”

The pound/yen cross fell from levels above 140 in the previous week to about 137.47 on Tuesday morning Asia time.



This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Stephen Innes

Stephen Innes

Senior Currency Trader and Analyst at OANDA
Stephen has over 25 years of experience in the financial markets and specializes in Asian currencies at OANDA. After having started his trading career with NatWest Bank, he is currently based in Singapore as a Senior Currency Trader and Analyst with OANDA, focusing on the movement of the Aussie Dollar and ASEAN Currencies. Stephen has an extensive trading experience in Interest Rate Futures, Money Markets and Precious Metals. Prior to joining OANDA, he worked with organizations like Cambridge Mercantile, Nat West, Garvin Guy Butler, Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes
Stephen Innes

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