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Strong year for Japanese yen: Citi

Star Business Desk
(CONTINUED FROM YESTERDAY)
Global foreign exchange market saw a stronger Japanese Yen (JPY) and a firm Swiss Franc (CHF) in 2011 as overall safe-haven buying reinforced them to strengthen against other major currencies. The Euro traded within the widest range amongst the major G3 currencies. The Pound Sterling (GBP) saw a sideways performance compared to the earlier three years’ trading pattern.
The Euro zone crisis and an elevated risk aversion generated flight to safety bids throughout the year. The year was marked with political tensions in the Middle Eastern countries and economic despair in the Euro zone countries. Euro zone worries pulled down the single European currency Euro to the lowest level in 2011 at around EUR/USD 1.2871. The safe haven appeal boosted the CHF to reach a record low at CHF 0.7085 against the Greenback in August.
The JPY touched the year's high in April to trade around USD/JPY85.54 and further towards the end of the year the JPY strengthened to hover around the year's low of USD/JPY 75.55 in October. Both the Japanese and the Swiss central banks intervened the foreign exchange market in August to weaken the respective currencies.
On September, the JPY traded at a 10
year high against the Euro. The Euro plunged to its 11 month low against the USD in December to hover around EUR/USD 1.2944 for a brief period. At the end of the year the Euro traded $1.3089 while the JPY ended the year's trading at77.83 JPY.
•EUR hit its lowest level in more than 11 months at $1.2944 in December.
•CHF hit a record high against USD in August amid contagion worries in the EU and a US credit rating downgrade.
•The Japanese government intervened in the currency market on August to restrain JPY1 s strength.
•AUD hit 29 year high against the USD in April, following credit rating downgrading of EU countries.
•CAD hit a three year high against the USD at0.9540 in April.
Commodities
Crude Oil
Oil prices were seen to rise steadily during early 2011 reaching $116.89 per barrel on March 2, marking a rise of 22 percent from the beginning-of-the-year levels. Fear of oil supply disruptions due to the social unrest in Middle East and Africa, particularly in Libya, was one of the main reasons for the price hike. Violent clashes in Libya forced oil firms to decrease production and evacuate staffs resulting in the supply side worries.
However, Brent crude prices experi-
enced its biggest drop in 13 months on March 15, falling 4.5 percent after Japan was hit with a triple disaster. The nuclear crisis following one of the worst tsunami and earthquake in Japan triggered risk aversion across global markets.
Oil prices recovered from the Japan crisis but tumbled again by a margin of 8 percent reaching $111.93 per barrel on May 5, posting the largest one day fall on record for Brent crude and the second largest fall for US crude oil. This massive decline was fuelled by weaker economic data from Europe and United States. Demand for oil suffered another blow as S&P downgraded US sovereign AAA credit rating on August 8 which led oil prices to plunge by nearly 5 percent.
The Euro zone debt crisis came to the frontline during the later part of the year as uncertainties deepened. Oil prices created many crests and troughs in the 4th quarter with the crest signifying a positive event in alleviating the Euro zone debt crisis and the troughs the opposite.
On the supply side, geopolitical risks surrounding Iran, Syria and other Middle Eastern and African countries continued to keep investors cautious about sudden supply interruption. For the year Brent crude rose 12.7 percent till December 27 to trade at around $108 per barrel.