FX Update: May 20, 2013

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May 20, 2013 GBP/USD EUR/USD EUR/JPY USD/JPY AUD/USD USD/CAD
Resistance (High) 1.5270 1.2896 132.22 102.97 0.9822 1.0297
Support (Low) 1.5165 1.2818 130.91 101.95 0.9736 1.0225
Forex News

Yen Jumps Most in Three Weeks on Government Concern; Rand Slides

May 20, 2013 (Bloomberg) -- The yen gained the most in three weeks against the dollar as Japanese Economy Minister Akira Amari said further losses in the currency would have negative effects after it fell to the lowest since 2008 last week.

Japan's currency rose versus all except one of its 16 major peers after Amari said yesterday there's speculation its past strength has "been corrected a lot." New Zealand's dollar climbed as Finance Minister Bill English said home prices will pressure the central bank to raise interest rates. South Africa's rand slid to a four-year low amid bets slowing inflation will give the nation's central bank room to cut rates.

Amari's comments "were partially designed to at the very least slow the pace of the yen's fall in recent sessions," Joe Manimbo, a market analyst at Western Union Business Solutions, a unit of Western Union Co., said in a phone interview from Washington. "That was the catalyst for investors...keep reading.

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