By: Barbara Zigah
Despite a decline during the Asian trading session, the Japanese Yen managed to hold on to gains made on Thursday; the safe haven currency was bolstered by continuing investor concerns over mounting fiscal problems in Euro-zone countries and doubts over the pace of the worldwide economic recovery. Also helping the Japanese Yen was repatriation of the currency by Japanese importers in advance of the month’s end. Versus the single currency Euro, the Japanese Yen slipped .5% to trade at 121.32 Yen; yesterday, it hit a 1-year high on the EBS trading platform, when it traded at 119.66 Yen. The Yen also fell against the U.S. Dollar, slipping .2% to trade at 89.27 Yen; in yesterday’s trading on the EBS platform, it rose more than 1% to trade at 88.80 Yen. The Yen also fell against the Pound Sterling, slipping .2% to 136.31 Yen; as with other currencies, yesterday, the Yen struck an 11-month peak against the Pound, trading near 135.00 Yen.
The markets will turn their attention today to the U.S. for news on 4th quarter GDP, January’s existing home sales, and February consumer sentiment rating, all of which will be released later today. Yesterday, it was reported that weekly claims for unemployment benefits rose again, and core durable goods fell unexpectedly last month.