Daily Forex News

During early European deals on Wednesday, the pound eased from a 12-week high against the yen after a report showed that the UK economy contracted the most since 1980 in the fourth quarter of 2008. The pound also pared its Asian session gains against other major currencies during this time.

Wednesday, the Swiss franc showed mixed trading against its major counterparts. While the franc soared to a 7-week high against the yen, it recovered early Asian session’s loss against the euro and the pound. Against the dollar, the franc traded down today.

Extending Tuesday’s downtrend, the Japanese yen fell to a 3-month low against the dollar as a rebound in equities boosted investors’ risk appetite. Additionally, bleak economic reports from Japan aggravated the weakness of the yen.

The New Zealand dollar that weakened against its major counterparts in early Wednesday Asian trading reversed direction at the end of the session. The kiwi thus jumped to a new multi-week high against the yen, while recovered from a 5-day low against the aussie.

Wednesday in Asia, the Singapore dollar declined against the currencies of US, UK, Europe and Hong Kong. The Singapore dollar slumped to a 2-day low against the euro.

Wednesday morning in Asia, the Australian dollar jumped to a new multi-month high against the yen and a 2-day high against the Canadian dollar as a rally in stock prices increased investors risk appetite. But the aussie eased from a 2-day high against the US currency and remained lower against the euro.