Yen Gains as Chinese Exports Slump

The yen rose today against the other major currencies on Forex as the China’s exports declined at a record fast pace and the largest Swiss bank reported an increased loss.
According to the China’s customs bureau’s report the country’s trade surplus declined to the lowest level since February 2006; UBS reported $18 billion loss for the year 2008. After that the Japanese yen gained mostly against the U.S. dollar and the New Zealand dollar but earlier during the trading session it was reaching the high levels mainly against the high-yielders.
The uptrend on the dollar/yen pair reached a resistance level near the rate of 100 and failed to break it. The current strength of the yen is derived from that failure. The analysts believe also that the correction in the risk-aversion that was active during the last two-weeks is probably over now and the «safe haven» currencies will continue to rally soon.
USD/JPY went down from 98.69 to 98.49 as of 11:14 GMT today after reaching as low as 98.24 earlier today. EUR/JPY fell from 125.38 to 125.24, while GBP/JPY declined from 135.88 to 135.76 after falling as low as 134.38 today.

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