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

Pre Market | Dow Jones | Gold | Newsletters | Learn


Forex Market Update: Yen Rises Sharply

Friday, February 8, 2013 5:22 PM
The Japanese yen rose sharply against the U.S. dollar and the euro on Friday following comments from Japan’s finance minister. The euro, meanwhile, weakened against the dollar as comments from European Central Bank (ECB) President Mario Draghi continued to weigh on the single currency. The yen has fallen sharply in the last few weeks. On Wednesday, the Japanese currency fell to multi-year lows against the dollar and the euro. Traders have been bearish on yen after the Bank of Japan (BOJ) implemented an aggressive bond buying program and also raised the inflation target to 2%. Meanwhile, speculation that the BOJ could implement further easing measures amid pressure from Japanese Prime Minister Shinzo Abe also weakened the yen. However, comments from Japan’s finance minister Taro Aso suggest that not everyone in the Japanese government is pleased with the yen’s recent drop. Aso said that the Japanese currency’s fall has been steeper than intended. The comments suggest that the new BOJ Governor may restrain from further easing measures. The BOJ’s current Governor steps down next month and prior to Aso’s comments there had been speculation that Abe might appoint a more dovish central bank chief, who will implement further easing measures. Speaking to Reuters, Camilla Sutton, Chief Currency Strategist at Scotiabank, said that watching BOJ candidates is key for dollar/yen leading into March. Sutton said that she holds a relatively modest year-end dollar/yen forecast of 95. On Friday, the euro fell 1.2% to 123.92 yen. The single currency fell to an intra-day low of 123.40 yen earlier in the day. The dollar fell 0.9% to 92.78 yen on Friday after touching an intra-day low of 92.15 yen. The euro also fell against the dollar as comments made by ECB President on Thursday continued to weigh on the single currency. At last check, the euro was down 0.3% to $1.3362.
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

South Korea inflation touches fresh 16-year low on oil dropSouth Korea inflation touches fresh 16-year low on oil drop
SEOUL (Reuters) - South Korea`s annual inflation slowed for a second month in March and touched a fresh 16-year low, data on Wednesday showed, as a global oil slide keeps price pressures low. The ...
Mexico eyes 4.3 percent in 2016 spending cuts as oil slump bitesMexico eyes 4.3 percent in 2016 spending cuts as oil slump bites
MEXICO CITY (Reuters) - Mexico`s Finance Ministry on Tuesday said it expects to cut spending next year by 4.3 percent as revenue slumps because of a plunge in oil prices and flagging crude production....
Venezuela opposition leader says first-quarter inflation 'around 30 percent'Venezuela opposition leader says first-quarter inflation 'around 30 percent'
CARACAS (Reuters) - Venezuela opposition leader Henrique Capriles said on Tuesday that the country`s inflation rate was a stunning 30 percent during the first three months of the year. Capriles, who...
Ex-Fannie Mae CEO testifies in $1 bln mortgage trial of Nomura, RBSEx-Fannie Mae CEO testifies in $1 bln mortgage trial of Nomura, RBS
NEW YORK (Reuters) - Former Fannie Mae <FNMA.OB> CEO Daniel Mudd testified on Tuesday in a $1 billion civil trial over losses the company suffered on mortgage-backed securities and said it did...
Lingering low U.S. rates encourage 'reach-for-yield': Fed's GeorgeLingering low U.S. rates encourage 'reach-for-yield': Fed's George
NEW YORK (Reuters) - The Federal Reserve needs to consider pulling back its stimulative policies in part because an extended period of low interest rates encourages a "reach for yield" among investors...

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
small cap swing trades SmallCaps stocks under $10
Index Signals Index Signals SPY, QQQ, DIA, IWM
options trading Mega Stocks options + stock trade signals
AppleStock FREE AAPL Signals realtime daytrade signals