currency rates

During early Asian deals the Japanese yen weakened against the Swiss franc and the rest of majors as a surge in Asian stocks fueled investors' risk appetite. Following the recent sharp rise in the yen, the Bank of Japan is expected to ease monetary policy further while studying the outlook for the country's export-reliant economy.

 During Monday Asian deals the Japanese yen that jumped up against its major counterparts earlier that day reversed direction around 6:45 pm ET.

The yen soared to new multi-week highs of 89.21 against the dollar and 131.02 against the euro at 6:45 pm ET Sunday. Thereafter, the yen weakened and it is currently worth 90.25 per dollar and 133.05 against the euro, compared to Friday's close of 90.10 and 132.51, respectively. If the yen drops further, it may target 91.6 against the dollar and 136.0 against the euro.

During early Asian deals on Tuesday, the US dollar showed weakness against its European counterparts, falling to a 4-day low against the British pound. However it strengthened against the Japanese yen climbing to a 4-day high. 

The US dollar was trading down during early deals on Tuesday against its major rival, euro. Thus, at 11:35 pm ET, the dollar dropped to a low of 1.3275 against the euro, compared to 1.3201 hit late New York Monday. The next downside target level seen for USD/EUR pair was 1.341.