Stock:
Symbol Lookup
Register | Login
...
History
...
...

Pre Market | Dow Jones | Gold | Newsletters | Learn


Forex Market Update: Yen Gains against Dollar and Euro

Friday, February 8, 2013 9:19 AM
The Japanese yen rose sharply against the U.S. dollar and the euro on Friday following comments from Japan’s finance minister. The dollar also slipped against the euro after gaining nearly 1% in the previous trading session. The yen has fallen sharply in recent weeks amid speculation that the Bank of Japan (BOJ) will implement further monetary easing measures to boost economic growth and fight deflation. The BOJ has already announced an aggressive bond buying program and raised its inflation target to 2% even as the Japanese Prime Minister Shinzo Abe called on the central bank to do more. There has been growing speculation that Abe will appoint a more dovish BOJ Governor when the current chief of the central bank steps down. However, according to Reuters, Abe is facing opposition from within his own cabinet and financial bureaucrats over the appointment of new BOJ Governor. Meanwhile, Japan’s Finance Minister, Tar Aso said that the Japanese currency’s drop was steeper than intended. Aso’s comments has lifted the yen and created doubts over whether the new BOJ chief will implement additional easing measures. Speaking to Reuters, Geoffrey Yu, Currency Strategist at UBS, said that the market is responding to the Reuters report and comments from Aso, and taking profit in short yen positions. Yu, however, believes that the dollar remains a buy on dips against the yen. He said that speculation about who will take charge at the BOJ will continue until there is an appointment. The euro dropped 1.5% to 123.54 yen in early trading on Friday before recovering. At last check, the single currency was down 1.1% to 124.02 yen. The dollar, meanwhile, fell more than 1% to 92.17 yen in early trading on Friday before recovering to trade at 92.49 yen. The dollar also slipped against the euro after gaining 0.9% in the previous trading session. The greenback fell as traders remained cautious ahead of the U.S. trade data. At last check, the euro was up 0.1% to $1.3419.  
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2014 the year you get RICH!

Latest Headlines

Air France KLM, Delta, Alitalia offer concessions to settle EU probeAir France KLM, Delta, Alitalia offer concessions to settle EU probe
BRUSSELS (Reuters) - Air France KLM <AIRF.PA>, Delta Air Lines <DAL.N> and Alitalia have offered to give up slots at three airports and made other concessions to settle a European Union an...
Exclusive: ECB looking at corporate bond buys, could move as soon as December - sourcesExclusive: ECB looking at corporate bond buys, could move as soon as December - sources
FRANKFURT (Reuters) - The European Central Bank is considering buying corporate bonds on the secondary market and may decide on the matter as soon as December with a view to begin buying early next ye...
Swiss exports rise in Sept., as global demand offsets euro zone slumpSwiss exports rise in Sept., as global demand offsets euro zone slump
ZURICH (Reuters) - Switzerland`s exports rose in September, bouncing back from a drop the previous month, with international demand for its watches and precision instruments offsetting the impact of e...
Japan downgrades economy for second month as output sagsJapan downgrades economy for second month as output sags
TOKYO (Reuters) - Japan`s government cut its overall economic assessment for the second straight month as weak consumption after a sales tax hike in April is causing companies to reduce production. ...
Weary French bosses square up as Hollande takes on '50th worker' reformWeary French bosses square up as Hollande takes on '50th worker' reform
PARIS (Reuters) - Of all the decisions that Dominique Goubault says have helped to keep his 117-year-old family business alive, one in particular raises eyebrows: limiting his staff numbers to 49 or...

Loading Headlines...
 

Stock Market

Track the stock market today with the latest news and information on all things investing! Watch your stocks perform throughout the day and watch the breaking stock market news.

Feedback | disclaimer | privacy policy

Stock Market News

The Stock Market is ever changing. Keep up on your stock market news.

Stock Market Newsletters

Read up on your favorite stock market newsletters.


Learn the Stock Market

Sharper your stock trading skills with our stock market education section.