By: Barbara Zigah
As reported at 3:10 p.m. (JST) in Tokyo today, the Euro made gains against the U.S. Dollar and the Japanese Yen. Earlier this week, the U.S. Dollar dropped versus major currencies as investors continued to unwind their safe-haven positions in the U.S. currency in light of the waning global economic crisis. The market, apparently, is still trying to determine whether or not the Dollar recovery is at an end, as there is still no clear direction. According to one banking analyst in Japan, the market is somewhat disoriented, as too many factors are simultaneously at play.
The Euro traded at $1.3860, a rise of .2% from late trading in America; since March, the Euro has gained nearly 11% against the U.S. Dollar, though it is still well below $1.4339, the 2009 high established earlier this month. Versus the Japanese Yen, the Euro moved up to 134.16 Yen, a slight increase of .6% on short-covering; since late last week, however, the Euro is down 2.5% versus the Japanese Yen.
According to some analysts, short term players are driving the currency flows, and the market is experiencing choppiness as a result. Analysts continue to believe, though, that there may be some additional strengthening of the Japanese Yen and the U.S. Dollar in the medium term.
Euro move up against JDY and USD
Barbara Zigah
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About Barbara Zigah
After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.