8 Dec 2014
Forex top movers: USD/RUB extends gains; Yen bounces ahead the Abenomics referendum
FXStreet (San Francisco) - The USD/RUB is up 2.00% so far today after the pair broke above 53.50 to reach a daily high of 53.85. As noted previously, the USD/RUB is advancing since Russia is losing its appeal for investors and dragging down the ruble and the RTX.
Following USD/RUB, the top performers are: USD/ZAR (+1.97%); USDBRL (+0.90%) and EURCAD (0.62%). To the downside, top bearish movers are: NZD/JPY (-1.39%); AUD/JPY (-1.07%) and CAD/JPY (1.01%).
As you can see, the Yen is the top winner today as investors are trading in a phase of profit taking before the Abenomics referendum. The JPY rose throughout the session despite the downward revision of Japanese Q3 GDP reported overnight.
The data confirmed that Japan is in recession less than a week before the election that Shinzo Abe called as a referendum on his economic plan, known as Abenomics. Investors may be discounting an Abe victory with a selling Yen as reaction.
On majors, EUR/USD is rising 0.32%; the GBP/USD advances 0.44%; USD/JPY falls 0.74%; and the EUR/JPY declines 0.47% so far today.
Following USD/RUB, the top performers are: USD/ZAR (+1.97%); USDBRL (+0.90%) and EURCAD (0.62%). To the downside, top bearish movers are: NZD/JPY (-1.39%); AUD/JPY (-1.07%) and CAD/JPY (1.01%).
As you can see, the Yen is the top winner today as investors are trading in a phase of profit taking before the Abenomics referendum. The JPY rose throughout the session despite the downward revision of Japanese Q3 GDP reported overnight.
The data confirmed that Japan is in recession less than a week before the election that Shinzo Abe called as a referendum on his economic plan, known as Abenomics. Investors may be discounting an Abe victory with a selling Yen as reaction.
On majors, EUR/USD is rising 0.32%; the GBP/USD advances 0.44%; USD/JPY falls 0.74%; and the EUR/JPY declines 0.47% so far today.