Daily Forex News

The Japanese yen extended its Asian session’s downtrend against other major currencies during early European deals on Friday.

During early deals on Friday, the Swiss franc fell to its lowest level in almost 17-months against the US dollar as the Swiss National Bank surprisingly lowered its interest rate by 100 bps yesterday. The franc also tumbled to a 5-week low against the euro and a 2-day low against the pound. But the franc showed strength against the yen today.

Friday in Asia, the Singapore dollar plunged to new multi-month lows against its US and Hong Kong counterparts as Singapore received confirmation today that its economy has slipped into a technical recession as the final report for third-quarter gross domestic product was negative for the second consecutive quarter.

Friday morning in Asia, the Australian dollar traded up against other major currencies, thereby reversing the losses it incurred yesterday. The aussie thus recovered from new multi-week lows against the greenback, the yen and the euro, while it gained from a 9-day low against the loonie.