By: Barbara Zigah
The Japanese Yen was able to reverse some of yesterday’s losses, gaining on the single currency Euro and holding steady versus the U.S. Dollar in Asian trading today. As reported at 3:09 p.m. (JST) in Tokyo, the Euro slipped to 129.95 Yen, a loss of .4%, erasing some of Thursday’s 1% gains.
The U.S. Dollar held steady versus the Japanese Yen, trading at 92.98 Yen, up from 91.80 Yen, a 5-month low established mid-week. Investors continue to trade cautiously in advance of next week’s release of corporate earnings reports out of the United States. According to a currency analyst in Tokyo, traders just prefer to wait and watch for 2nd quarter performance of the U.S. companies, before they make any major decisions.
Analysts believe that investors are still uncertain about the pace of the global economic recovery, leading them to unwind their positions in higher-risk assets, including the Australian Dollar and the Euro. Versus the Japanese Yen, the Aussie lost .4%, trading at 72.60 Yen; the Australian Dollar fared no better against the greenback, slipping to $0.7811, a loss of .3%; earlier this week it had traded below $0.7800, a 5-week low.
Japanese Yen gains on Euro in Cautious Trading
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.