Stock Market Watch

Forex Market Update: Euro Climbs Against Dollar, Yen Recovers Some Lost Ground

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The yen recovered some of its lost territory against the U.S. dollar on Friday after plunging as low as 3.6% on Thursday as speculators started booking profits after it hit a 3-1/2 year low level  at yen 97.20 in the preceding session.

The yen came under heavy selling pressure on Thursday after the Bank of Japan announced unprecedented monetary measures to pull out the stagnating economy from the clutches of deflation. The yen ultimately settled at 96.36 against the U.S. dollar on Thursday.

At last check (around 8:30 a.m. EST), the yen traded at 96.12. Year-to-date, the dollar is gaining around 11% against the yen, a Reuters’ data showed.

The yen also slumped 0.3% against the stronger euro to 124.20 in Asian trading hours on Friday having tumbled 4.3%  against the common currency in the preceding session, which was its biggest one-day drop since November 2008.

Meanwhile, the euro edged higher against the dollar during European trading hours on Friday following the release of better-than-expected manufacturing data from Germany. However, the trading volume was thin as investors remained wary ahead of the U.S. non-farm payrolls report.

Following the data release from Germany, the single currency of the monetary union rose as high as 63% to 1.3016 against the dollar.

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edliston
Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.

Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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