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Japanese Yen Fueled by Earthquake

The U.S. dollar was expected to end the week higher, while the euro was heading for its biggest weekly drop in over two months as eurozone leaders, who were holding their summit on Friday, looked to be inconclusive in their plans to solve the region's debt contagion crisis.

The greenback, noted Brown Brothers Harriman Global Head of Currency Strategy Marc Chandler, has been up four of the last five trading days, "stemming from a combination of fiscal woes in the periphery, heightened geopolitical tensions and waning risk appetite."

The euro fell 0.6% against the Japanese currency at 113.837 yen. CurrencyShares Euro Trust (FXE) rose 0.8% to $138.47.

The Australian dollar and Canadian dollar were soft on disappointing China trade data and a weak employment report, respectively. The Australian dollar was flat at 83.11 yen, and the Canadian dollar was down 0.8% at 84.324 yen. The iShares MSCI Japan Index (EWJ) fell 1.7% to $10.81.

Oil futures fell as the earthquake pulled the psychological trigger for the reversal in the oil prices rally. Light, sweet crude oil for April delivery fell $2.11 at $100.59 a barrel.

Oil plays were trading in mixed territory, with BP (BP - Get Report) up 0.2% at $45.75; Chevron (CVX - Get Report) rose 0.9% to $99.93. Petrobras Argentina (PZE - Get Report) fell 2.9% to $22.16.

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-- Written by Andrea Tse in New York.

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Copyright 2010 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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FXY $81.54 0.18%
FXE $107.03 -0.79%
EWJ $12.68 -1.01%
UDN $21.75 -0.37%
BP $39.81 -0.50%


DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

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