Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Forex - Yen weakens in early Asian trade as markets digest Iran deal

Published 11/24/2013, 05:15 PM
Updated 11/24/2013, 06:52 PM
Investing.com - The yen strengthened in early Asian trade on Monday as details of a deal between Western powers and Iran over the scope of Tehran's nuclear program trickled into the markets, sending gold and crude oil weaker.

USD/JPY traded at 101.26, down 0.01%, in a range of 101.22 - 101.33 ahead of a speech and possible remarks by Bank of Japan Governor Haruhiko Kuroda at 1430 local time (0530 GMT).

Markets were still digesting a deal reached at the weekend that relaxes economic sanctions for the next six months in hopes Western powers can reach a broader agreement on nuclear-arms talks.

But the deal doesn't directly ease restrictions on crude purchases by countries like the United States, though it makes the logistics a bit easier on sales and finance to countries that do buy Iranian crude.

The agreement also will allow Iran to regain access to much-needed goods, including parts for aircraft and cars, and will allow the country to sell refined petrochemical products in global markets.

Prospects for Iran to eventually come back onto the oil market without sanctions sent New York Mercantile Exchange light, sweet crude futures for January delivery to USD94.08 a barrel, down 0.79%, in early Asian trade.

On the Comex division of the New York Mercantile Exchange. gold futures for February delivery traded at USD1,241.55, down 0.25%.

For the week ahead, the U.S. is to release a series of reports on the housing sector, as well as data on consumer confidence and durable goods orders.

On Tuesday, the Bank of Japan is to publish the minutes of its latest policy meeting, which contain valuable insights into economic conditions from the bank’s perspective.

The U.S. dollar index traded at 80.73, up 0.05%.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.