The Japanese Yen has made a second day of gains against the US Dollar and pushed higher against the Pound. It held steady against the Euro
The Yen’s rise came after the US Dollar was weighed upon by the growing speculation that the Federal Reserve could choose to hold off tapering its monetary easing programme, a move that devalues the ‘Greenback’ but supports riskier emerging and commodity market currencies such as the South African Rand.
“The US Dollar has been under pressure right across the board. Certainly the doves are taking the fore at the moment. Most investors have moved away from any expectation of tapering in December,” said Emma Lawson a senior currency strategist at National Australia Bank Ltd.
Bets are now higher that a cut will occur in March, despite the release of recent data which showed that employer created more jobs than forecast in October and as the US economy continues to show signs of improvement.
The Yen is likely to lose its gains as the Bank of Japan prepares to gather for a two-day long meeting on Wednesday. The Bank wants to see the Yen weaker and is likely to announce that it will bolster its own stimulus measures to achieve that goal. The currency wars are once again hotting up.
Data released earlier in the session showed that the number of goods sold in Japan’s department stores fell year on year in October.
Current Japanese Yen (JPY) Exchange Rates:
The US Dollar/Japanese Yen Exchange Rate is currently in the region of: 99.6868
The Pound Sterling/Japanese Yen Exchange Rate is currently in the region of: 160.4775
The Euro/Japanese Yen Exchange Rate is currently in the region of: 134.7361
The New Zealand Dollar/Japanese Yen Exchange Rate is currently in the region of: 83.1813
The Australian Dollar/Japanese Yen Exchange Rate is currently in the region of: 93.9259
(Correct as of 09:30 am GMT)
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