The Japanese Yen has made gains against the US Dollar for the first time in three days as the markets take a wait and see approach ahead of Federal Reserve Chairman Ben Bernanke’s press conference on Wednesday.
The Japanese currency made gains against all but two of its most traded peers as investors take cover in the safe-haven currency in anticipation of the Fed making some volatility in the market.
Bernanke is due to hold a press conference following the conclusion of the Central Banks two-day long meeting. Investors are hoping for him to give a clearer indication over whether the Fed will curtail its monetary easing policy. On May 22nd Bernanke said that the Fed could reduce its monthly purchases of bonds if the employment outlook in the USA shows signs of substantial improvement.
Official data on Tuesday showed that U.S. consumer prices rose 1.4% in May from a year earlier, in line with expectations, giving the central bank leeway to continue its easing program.
A separate report showed that U.S. housing starts rose less than expected last month, while building permits fell more than expected.
Against the Euro the Yen has advanced as continuing concerns over the Eurozone economy have not been helped by the volatility expected after the Fed Press conference. Most investors are taking a cautious wait and see approach with most of the major currencies holding steady as traders wait for Bernanke’s press conference.
Current Japanese Yen (JPY) Exchange Rates
The US Dollar/Japanese Yen Exchange Rate is currently in the region of: 94.873 <
The Pound Sterling/Japanese Yen Exchange Rate is currently in the region of: 148.5283 <
The Euro/Japanese Yen Exchange Rate is currently in the region of: 127.1394
The Australian Dollar/Japanese Yen Exchange Rate is currently in the region of: 90.2918 >
(Correct as of 09:35 am GMT)
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