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

Shares in Apple suppliers leap on record resultsShares in Apple suppliers leap on record results
LONDON (Reuters) - Shares in European companies that supply parts to Apple Inc <AAPL.O> leapt on Wednesday after the tech giant reported the largest profit in corporate history, driven by record...
Alibaba finance arm sets up China consumer credit-scoring systemAlibaba finance arm sets up China consumer credit-scoring system
SHANGHAI (Reuters) - - The financial services affiliate of Alibaba <BABA.N> launched on Wednesday a system that will use the e-commerce giant`s data trove to assess the creditworthiness of Chine...
Citibank reaches pact with NY AG on ChexSystems data: WSJCitibank reaches pact with NY AG on ChexSystems data: WSJ
(Reuters) - Citibank, a unit of Citigroup Inc, has reached an agreement with New York Attorney General Eric Schneiderman to change its screening processes for checking and savings accounts to be more ...
Fed seen remaining patient with rate guidance amid global turmoilFed seen remaining patient with rate guidance amid global turmoil
WASHINGTON (Reuters) - The Federal Reserve is expected to signal it remains on track to begin raising interest rates later this year, as the central bank shows confidence that low inflation and risi...
'Zombies' haunt Vietnam's trade bonanza bid'Zombies' haunt Vietnam's trade bonanza bid
HO CHI MINH CITY/HANOI (Reuters) - Nguyen Nam owns an engineering services firm in Ho Chi Minh City that pays no taxes nor any salaries. The flip side is it earns no revenue either. Nam calls it a...

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