Oil price, Asian stocks and bond yields were trading marginally higher on Friday ending the week on positive mode. Japanese currency Yen continued to rise against US dollar and this also further aided Asian stocks.
Japanese Yen
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Profit booking pulled yellow metal on Monday below psychological mark-$1,250 an ounce. Gold price fell for four weeks in the past five weeks.
US dollar against Yen is rising as renewed buying support is propelling Japan's Nikkei index upwards. The priority shift among some investors from traditional safety net of Japanese currency to equities was the major reason on Nikkei's rise. The market players are eagerly waiting for the outcome of G-20 meeting this weekend in Shanghai.
The Asian market open lower on Tuesday as investors start to weigh in again the possibilities of a weak economy sign in China. The market fell to its three-week low and is raising concern in the U.S too causing a substantial loss in the Wall Street.
The world's second largest economy China has to wait for one more year to make its currency 'Yuan' a part of International Monetary Fund's (IMF) currency basket. Dashing the dragon country's hopes, IMF's board favored a decision to keep renminbi as it is until 30 September 2016 year.
Nearly USD1 billion would be the settlement amount to be paid by Rabobank for allegations of interest rate manipulation for the Japanese yen.
