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

Ackman's Pershing Square raises $3 billion in fund listingAckman's Pershing Square raises $3 billion in fund listing
LONDON (Reuters) - Pershing Square Holdings, one of Bill Ackman`s investment funds, said on Wednesday it had completed a $2.73 billion placing ahead of a stock market listing in Amsterdam. The firm ...
SocGen says 'nothing to expect' soon on U.S. sanctions probeSocGen says 'nothing to expect' soon on U.S. sanctions probe
PARIS (Reuters) - Societe Generale said it plans to finish an internal investigation into dollar transfers made on behalf of entities based in countries subject to U.S. sanctions, linked to talks with...
Euro zone manufacturing growth slows again in September as inflation fades: PMIEuro zone manufacturing growth slows again in September as inflation fades: PMI
Oct 1 (Reuters) - Manufacturing growth in the euro zone slowed further in September as new orders contracted for the first time in over a year on dwindling demand at home and from abroad, a business...
Adidas to buy back shares worth up to 1.5 billion eurosAdidas to buy back shares worth up to 1.5 billion euros
FRANKFURT (Reuters) - German sportswear maker Adidas, facing investor discontent over its underperforming share price, announced a plan on Wednesday to buy back up to 1.5 billion euros ($1.89 billion)...
Adidas seeks to placate investors with share buybackAdidas seeks to placate investors with share buyback
PARIS (Reuters) - German sportswear maker Adidas, facing investor discontent after a series of profit warnings, plans to return as much as 1.5 billion euros ($1.9 billion) to shareholders over the n...

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.