FOREX-Yen pressured, Canada dlr at 22-mth high

* Yen near week’s lows with risk appetite positive

* Apple Inc (Read more about Apple stock future.) earnings boost risk sentiment

* Canada dollar at 22-mth high vs US dollar on rate outlook

* Euro steady as Athens talks with EU/IMF begin

(Adds quote, detail)

By Neal Armstrong

LONDON, April 21 (BestGrowthStock) – The yen hovered near the week’s
lows on Wednesday as strong U.S. earnings and gains in global
equities fed a rebound in risk appetite, while the Canadian
dollar climbed to its highest level in nearly two years.

Apple Inc (Read more about Apple stock future.) (AAPL.O: ) posted earnings on Tuesday that far
exceeded expectations, sending its shares up more than 5 percent
to an all-time high, following strong results from Goldman Sachs
(GS.N: ).

“The U.S. earnings have provided a more friendly environment
for the ‘risk-on’ trades,” said Audrey Childe-Freeman, currency
strategist at Brown Brothers Harriman.

A positive outlook for risk kept the low yielding Japanese
yen on the back foot, with real-money accounts said to be keen
to buy yen crosses on dips.

At 0940 GMT the dollar was trading up around 0.1 percent
versus the yen (JPY=: ) at 93.35 yen. The euro traded up around
0.1 percent against the yen (EURJPY=R: ) at 125.45 yen. It rose as
high as 125.64 yen the previous day.

The Canadian dollar (CADJPY=R: ) traded with gains of around
0.4 percent at 93.80 yen.

The Canadian currency has risen about 11 percent against the
yen since starting to rally in late February.

It strengthened broadly on Tuesday after the Bank of Canada
signalled an interest rate rise may come as early as June.

Early European trade on Wednesday pushed it to a 22-month
high of 0.9931 versus the U.S. dollar (CAD=D4: ).

“The Canadian dollar is rallying after the BoC dropped its
conditional commitment not to move on rates. It’s also
benefiting from positive risk appetite,” said Adam Cole, global
head of FX strategy at RBC Capital Markets.

“We have a near-term target versus the U.S. dollar of
C$0.9800 and expect that to be reached pretty quickly,” he said.

ATHENS TALKS

The euro hovered close to a two-week low after Greek
borrowing costs hit a 12-year high on Tuesday as Athens prepared
to launch talks on a European union/International Monetary Fund
bailout package aimed at rescuing Greece from a debt crisis.

Ten days of talks begin on Wednesday on the belt-tightening
measures Greece must take until 2012, the European Commission
said, paving the way for the swift payout of up to 30 billion
euros of euro zone emergency aid if Athens asks for it.
[ID:nLDE63J18U]

The euro (EUR=: ) was trading flat on the day at $1.3430 after
dropping to its lowest level since April 8 in Asia at $1.3399.
But further losses were limited by option-related demand.

Traders said a Swiss bank was attempting to get the rate
above $1.3450 for the 1400GMT cut for an options trade to be in
the money.

Traders also reported good demand on order boards from
$1.3380, placed ahead of a reported $1.3350 option barrier being
defended by an Asian sovereign account.

Investing Tools

(Editing by Ian Jones)

FOREX-Yen pressured, Canada dlr at 22-mth high