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Yen rallies to two-week high as investors doubt BoJ stimulus

News Date: 26/7/2016 04:31:59
 
Yen surged to multi-week highs as investors doubt the Bank of Japan will announce any stimulus measures in its meeting this week, bashing Japan's Nikkei index with it to a two-week low as exporters get hurt from the stronger local currency.

The yen last traded at 104.13 against the dollar, up a handsome 1.59% on the day, after touching a two-week high at 104.00, while surging a similar 1.50% versus the euro to hover around 114.59.

Japan's Nikkei on the other hand tumbled 1.43% to 16,383, but other Asian indices were luckier, with China's Shanghai Composite Index surging 1.14%, while Australian shares added 0.07%.

Oil prices suffered losses today on persistent oversupply worries, hovering still near three-month lows, with Brent futures down 33 cents, or 0.73% to $44.80 a barrel, while U.S. crude futures gave up 43 cents, or about one percent to trade at $42.70 a barrel.

Investors await the results of the Federal Reserve's meeting tomorrow, expected not to change its policy or interest rates, but might signal a hike before the year-end, which would buoy the dollar.

Also from the U.S., new home sales are forecast to rise to 560 thousand in June from May's 551K, which would add to the growing body of upbeat housing data that confirms the resilience of the American economy.

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