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 2015 the year you get RICH!

Latest Headlines

Portugal proposes European fund to boost euro areaPortugal proposes European fund to boost euro area
LISBON (Reuters) - Portugal will propose far-reaching changes to the euro zone next month, including the creation of a European Monetary Fund (EMF) with its own budget to fight crises and economic i...
Deutsche's Jain wins support of bank's top labor leaderDeutsche's Jain wins support of bank's top labor leader
FRANKFURT (Reuters) - Deutsche Bank <DBKGn.DE> co-Chief Executive Anshu Jain won welcome support from the group`s top labor representative on Friday, who said a Frankfurt-based workers council a...
How advisers can get Google to like their websitesHow advisers can get Google to like their websites
(Reuters) - When financial adviser Rick Kahler wanted to revamp his marketing strategy three years ago, he decided to learn about the hype surrounding “search optimization.” This is the catch phra...
Futures down as Greece weighs; GDP data awaitedFutures down as Greece weighs; GDP data awaited
(Reuters) - U.S. stock index futures were lower on Friday amid worries about Greece`s ability to strike a deal with its euro zone partners by Sunday and ahead of U.S. gross domestic product (GDP) da...
Wall Street futures unchanged, set for lower open after GDP dataWall Street futures unchanged, set for lower open after GDP data
(Reuters) - U.S. stock futures were largely unchanged, keeping the market on course to open lower on Friday, after data showed that the economy contracted in the first quarter. The U.S. government...

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.

Algorithm Based
Trade Signals
arrow
swing trades FREE Swing Trade Ideas Clear, simple swing trades.
small cap swing trades Futures Day Trading System S&P + Crude Oil Signals
Autotrading Autotrade Stocks Try for Free!