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The yen surged against a basket of currencies on the weaker US economic data in the second quarter.

As of 8:45 am ET, the yen traded higher at 77.13 against the US dollar, 126.13 against he pound, 110.41 against the euro, 66.66 against the New Zealand dollar, 80.52 against the Canadian dollar and 84.30 against the Australian dollar.
 

On Friday the Swiss franc surged against majors as traders sought for safe haven currencies after the weaker than expected US economic growth report.

According to the data by the US Commerce Department the US economy grew at a slower pace than expected in the second quarter of 2011. U.S. gross domestic product grew at a 1.3 percent annual rate for the second quarter of 2011. Most economists had predicted a somewhat more robust, 1.9 percent growth in GDP.

The Swiss franc surged up against major counterparts in early trading on Thursday as the official report showed that Switzerland saw its trade surplus increased to a record high of CHF 3.31 billion last month.

Against the UK sterling the franc increased to a new record high of 1.3443 and the upside target level is seen at 1.3464.

The franc rose to a 1-week high of 1.1977 against the euro at about 5:40 am ET. At the moment the currency pair is trading at 1.1979. On the upside level the next target is seen at 1.1948.

The UK sterling declined against major rivals during its European session on Wednesday after the report that the U.K. jobless claims increased more than expected in May.

The pound dropped to a 2-day low against the dollar and eased from fresh 2-week highs against the euro and the franc.

The pound is now trading at a 2-day low of 1.6309 against the dollar with 1.622 seen as the next downside target level. At yesterday's close, the pound-dollar pair was quoted at 1.6375.

The European single currency declined against US dollar, Swiss franc and Japanese yen after the releases of German final CPI figures and wholesale price index for May.

The euro declined to a 2-day low of 1.2188 against the franc, compared to yesterday's close of 1.2212. Presently, the euro is trading at 1.2194 against the franc with 1.21 seen as the next downside target level.

The Japanese yen further slipped during the European trades on Tuesday against major currencies.

The yen plunged today as Moody's Investors Service placed the Japanese government's Aa2 local and foreign currency bond ratings on review for possible downgrade.

The rating agency said that the review was prompted by concern that faltering economic prospects and a weak policy response would make the government's ability to achieve a credible deficit reduction target more challenging.

The US dollar increased during Asian deals against most majors as weak Asian stocks and a pullback in commodity prices prompted traders to bet on the safe-haven greenback.

The dollar rose to 1.4777 against the euro in Asian deals. The next upside target level for the U.S. currency is seen at 1.465. At Tuesday's close, the euro-dollar pair was quoted at 1.4828.

The Swiss franc appreciated against major counterparts in early European session on Friday.

The franc rose to a 2-day high of 1.4489 against the pound, compared to yesterday's close of 1.4535. The pair is now worth 1.4496.

Against the euro, the franc reached a 2-day high of 1.2902, compared to 1.2951 hit late New York Thursday. As of now, the pair is trading at 1.2906.

The yen moved up against majors in early New York session as a slower-than expected U.S. economic growth in the first quarter propelled traders to seek safe-haven assets.

The yen is presently trading higher at 81.55 against the US dollar, 85.79 versus the Canadian dollar, 120.80 against the euro, 93.45 against the Swiss franc, 88.87 against the Australian dollar, 135.85 versus the pound and 65.35 against the NZ dollar.

The UK sterling further declined against majors in European deals as a report showed that the U.K. annual inflation unexpectedly slowed in March.

The pound is trading at a 12-day low of 1.4660 against the Swiss franc with 1.460 seen as the next downside target level. At yesterday's close, the pound-franc pair was quoted at 1.4822.

The pound that closed yesterday's trading at 1.6348 against the US dollar is now trading at a 1-week low of 1.6230. If the pound falls further, it may test support around the 1.600 level.

The latest report of the Office for National Statistics has influenced badly on GBP trades during European afternoon trade. The news that the industrial production fell in February -1.2% instead of the forecasted 0.4%, made the GBP price decline from 1.6363 to 1.6266.  

The pound also lowered against the euro, EUR/GBP hit highs of 0.87575.

The European common currency regained its losses from a 6-day low against the dollar and the yen and it rose to multi-day highs against the franc and the pound despite worries over a political crisis in Portugal and mixed PMI data.

Having declined during late Asian deals the Japanese yen regained its losses ahead of the European session and firmed its position further in the subsequent hours as fading risk appetite on global economic concerns prompted traders to buy back the safe-haven yen.

The yen is currently trading at a 4-day high of 82.11against the US dollar, compared to a 17-day low of 83.31 hit at 2:00 am ET. If the yen gains further, it may likely target the 81.6 level. The dollar-yen pair closed yesterday's trading at 83.0.

The euro declined against major currencies before the European session on Thursday on Moody’s downgrade for Spain. Besides, a weaker-than-expected German trade data also impacted the euro.

The euro fell to an 8-day low of 1.3806 against the US dollar around 2:15 am ET. The euro-buck pair is presently worth 1.3820, down from 1.3910 hit late New York Wednesday. The next downside target for the pair is seen around the 1.3740 level.

During Asian deals on Monday the Japanese yen appreciated against major currencies. Meantime, Japanese official reserves decreased for the fourth consecutive month in February, data from the Ministry of Finance showed today. Reserve assets totaled US$1.09 trillion in February, down US$1.49 billion from the end of January.

The Japanese yen climbed to a 4-day high of 82.16 against its U.S. counterpart in Asian session on Monday. Presently, the yen is trading at 82.25 versus the greenback with 81.8 seen as the next upside target level. The pair was worth 82.29 at last week's close.