The Japanese Yen was able to reverse some of yesterday’s losses, gaining on the single currency
Profit taking in Asian trading has pushed the Japanese Yen down from multi-month highs, which had been hit in overnight trading, versus the single currency Euro and the U.S. Dollar.
The Japanese Yen has gained strong momentum versus the single currency Euro and the U.S. Dollar in early trading in Asia today, as investors speculate that a withdrawal in higher risk assets may result in the Yen’s continued uptrend.
As reported at 3:07 p.m. (JST) in Tokyo, the Japanese Yen gained versus the Pound Sterling and the single currency Euro in Asian trading today on growing investor concern that the global economic recovery track was overstated.
Both the U.S. Dollar and the Japanese Yen saw gains in Asian trading in Tokyo today as the dismal labor data coming out of the United States last week continues to raise investor doubts about a quick turnaround of the global economies.
Following a deluge of sell orders, coupled with the latest report on U.S. labor data, in Friday’s trading in Tokyo, the Euro managed to edge back from lows hit earlier this week on the EBS platform.
Yesterday’s disappointing reading in U.S. consumer confidence suppressed investor risk appetite and prevented the Euro from holding onto a 3-week high versus the U.S. Dollar in Monday’s trading.
The U.S. Dollar fell in Asian trading today as improved Euro zone sentiment, together with higher share and oil prices, combined to spur on investor risk appetite.
The U.S. Dollar recovered slightly in London trading today following last week’s decline when Chinese officials renewed their plea for an ending to the Dollar’s stronghold as the single reserve currency.
As reported at 9:25 a.m. (BST) in London, the U.S. Dollar remained relatively flat in currency trading following yesterday’s intimation by the Federal Reserve Bank that the current program of quantitative easing would not be changed in the near term.
Ahead of the Federal Reserve Treasury auction scheduled for later today, the U.S. Dollar tumbled sharply on investor concerns that the Federal Reserve will have to increase key interest rates before the year’s end.
In London trading today, the Japanese Yen made gains against major currencies, touching on a 3-week high versus the U.S. Dollar and a 1-month high versus the Euro.
In London trading today, both the U.S. Dollar and the Japanese Yen made gains on the single currency Euro, while other commodities-linked currencies also suffered declines on continuing investor concerns over the global economic outlook.
Ahead of the U.S. Federal Reserve meeting to be held next Tuesday, the U.S. Dollar is holding steady at $1.3933 versus the Euro in Asian trading today, remaining close to yesterday’s low of $1.3986 on the EBS trading platform.
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.