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Yen regains Losses on Stoppage of High Yielder Rally

By: Barbara
In Wednesday trading in Tokyo, as reported at 3:12 p.m. (JST), the Japanese Yen moved up versus the U.S. Dollar, taking back yesterday’s losses from other high yielding currencies, including the Australian and New Zealand Dollars, as well as against the single currency Euro. The U.S. Dollar slipped to 95.50 Yen, a loss of .5% and closing in on a 2-month low established earlier this week when it traded at 94.55 Yen. The Australian Dollar lost 1% to trade at 73.47 Yen; meanwhile the New Zealand Dollar slipped .6% to trade at 57.27 Yen. The Euro lost .8% versus the Japanese Yen, trading at 129.80 Yen. Profit taking on higher risk currencies was a result of investors’ reconsidering the recent release of weaker than expected U.S. housing data, as well as mixed results in the U.S. markets. Previously, higher risk currencies including the Australian and New Zealand Dollars, and the Pound Sterling, made strong gains on investor optimism. According to one trader in Tokyo, few are seeing any clear direction given the power struggle between the present global economic conditions and the outlook for a quick recovery. Another trader in Hong Kong suggests that the markets are somewhat apprehensive, but on the whole, quite optimistic.

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