By: Barbara Zigah
The Japanese Yen continues to weaken versus the majors in midday Asian trading, slipping to a 10-month trough versus the common currency Euro, bolstered by increased risk appetite. As reported at 1:45 p.m. (JST) in Tokyo, the Yen slipped against the Euro, trading at 118.48 Yen, off from the 117.69 struck yesterday in late New York trading; earlier in the session it had slid to 118.67 Yen, the lowest price since May 2010. Against the U.S. Dollar, the Japanese Yen traded at 83.59 Yen, off from 83.74 Yen, the lowest price since mid-February.
One trader in Japan attributed the interest in higher risk currencies to the numerous signs of global economic strengthening. Later in the trading day in the U.S., the U.S. Labor Department will be releasing private sector payroll data, and economists’ consensus is calling for an increase of 190,000 new jobs in March. The U.S. Dollar Index, a measure of the U.S. currency’s strength against a basket of major currencies, has been rising as the Federal Reserve is later today expected to signal their withdrawal from the current ultra loose monetary policy; the U.S. Dollar Index rose 0.1%, to 76.043 .DXY.