By: Barbara Zigah
The Japanese Yen rose to a new 9-month peak against the Euro, which continues to struggle on investor concerns over the fiscal health of many of the Euro-zone nations. As reported at 12:04 p.m. (JST) in Tokyo, the Euro traded at 127.26 Yen, a decline of .1%, though at one point it had traded at 126.55 Yen, the lowest price since April 2009. The Japanese Yen also moved up versus the U.S. Dollar, trading at a 5-week high of 89.85 Yen.
In general, risk appetite was suppressed by a proposal from the Obama administration that would effectively prevent U.S. banks from sponsoring, investing in or owning private equity or hedge funds or from any trading that wasn’t in the best interests of their customers. Market players and analysts alike saw the proposal as potential over-regulation of the banking industry. The rationale behind the Obama proposal is that U.S. banks have been allowed to stray far from their primary mission, i.e. serving their customer base, in an effort to raise bank profits, to the detriment of the U.S. taxpayers who are paying the price for their greed and risky behavior. That announcement triggered a sell-off of banking shares, with many of the U.S. major financial firms losing between 5.5% and 7% of their respective share price.
The U.S. Dollar Index, which gauges the greenback’s strength versus a basket of currencies, had earlier climbed to a new 4-month high, but eased back after the Obama proposal to 78.185 .DXY, a decline of .2% on the day.
.png "DailyForex logo")
Forex Trading Reviews & News 
 Want to get critical Forex news directly to your inbox?Sign up for our newsletter now! |
Barbara Zigah
Barbara Zigah is a freelance journalist living in Ghana, who specializes in Forex-related content; her online work has appeared in the IB Times, NASDAQ, Benzinga, and Seeking Alpha.
| Top Online Forex Brokers | |||
| 1 |
 |
FOREX | Review |
| 2 |
 |
FXCM | Review |
| 3 |
 |
FX Renew | Review |
| 4 |
 |
eToro USA | Review |
| 5 |
 |
Zecco | Review |
| Read More Forex Broker Reviews | |||
FX BONUSES & PROMOTIONS
 | |
 | |
 |
Live Rates
| Symbol | Change | High | Low |
|---|
| EUR/USD | -0.001 | 1.3283 | 1.3193 |
|---|---|---|---|
| AUD/USD | 0.0051 | 1.0777 | 1.0684 |
| EUR/GBP | -0.0006 | 0.8401 | 0.8367 |
| EUR/JPY | -0.15 | 103.17 | 102.28 |
| GBP/USD | -0.0002 | 1.5826 | 1.5761 |
| USD/CAD | -0.0019 | 1.0015 | 0.9975 |
| USD/CHF | 0.0005 | 0.9162 | 0.9106 |
| USD/JPY | -0.02 | 77.77 | 77.41 |
Daily Forex Trader's Corner
Free Forex Trading Courses
DailyForex has teamed up with Online Trading Academy to provide you with 3 e-courses for FREE! Valued at $150, these courses focus on Technical Analysis, Trading Basics and Risk Management.
