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Japanese Credit downgrade impacts JPY

Written by Sam Coxhead on January 28th, 2011.      0 comments

 9:10AM (NZT) Ratings firm Standard & Poors cut Japan's sovererign debt rating from AA to AA-, but leaves the outlook stable. Concerns about the high level of Government debt is causing concern as it's ration to GDP increases. The YEN was sold on the back of these and most currencies are higher against the YEN bybetween .5 and 1.5%.

Meanwhile in what has been a reasonably orderly and quiet last 12 hours , the main mover in addition to the YEN has been the AUD. To start things, the Australian Government announced a new tax to help pay for the devastating flood damge of late. This caused some initial weakness, which has follow through in the offshore session. Rumours of Hedge Fund selling is also around. Given the relatively high nature the oif AUD and the fundamental outlook in the short term, this is hardly surprising. If the weakness continues , a break of .9800 opens up the way for a decent move lower.
 

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