By: Barbara Zigah
As reported at 2:42 p.m. (JST) in Tokyo, the U.S. Dollar steadied against major currencies, very near to the lowest trade of this year. In late trading in the United States yesterday, the Dollar Index fell to 78.315 .DXY, the lowest trade since last December; in today’s trading, it held steady at 78.843 .DXY. Versus the Japanese Yen, the U.S. Dollar slipped to 94.35 Yen, a loss of .2%. Investors continue to wait for economic news from the U.S. to gauge the health of the world’s largest economy. According to one currency specialist in Tokyo, recent mixed data coming from the U.S. is making it difficult to accurately predict how the markets may react.
The Japanese Yen traded higher versus the majority of currencies. Versus the Euro, the Japanese Yen gained .3% to trade at 133.51 Yen, following yesterday’s decline of nearly 1%. The Australian Dollar also declined against the Yen, trading at 77.72 Yen, a loss of .5%; the New Zealand Dollar fared no better, trading at 61.98 Yen, a decline of .2%. Investor profit taking on the U.S. Dollar gains, according to one strategist, is the reason for the Yen being pushed higher on most crosses.
Yen Gains while Dollar Steadies as Investors await news
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.