The Japanese Yen has gained by 0.94% against the Pound and climbed to a three-week high against the US Dollar as investors lowered their expectations for the US Federal Reserve to further taper its monetary easing programme.
Traders were also less pessimistic against the Yen after they lowered their bets that the currency would decline against the US Dollar to 128,858.
The drop in the US Dollar came after Friday’s non-farm payrolls report showed that the U.S. economy added 74,000 jobs in December, the smallest increase since January 2011 and well below expectations for 196,000 new jobs.
Against the Euro the Japanese currency is trading higher after economists grew less confident over the Eurozone’s outlook for the year. The Euro is likely to reverse those losses however after data showed that Italian Industrial production on a yearly and monthly basis beat economist forecasts. If inflation data out of Portugal and Greece comes in positively then the single currency is likely to tick higher against its peers.
So far this year the Japanese Yen has strengthened by 1.8% against the US Dollar, meaning that it has made the biggest advance against the currency out of most major peers. The Yen has managed to retrace some of the 18% declines it made last year following the implementation of an unprecedented monetary easing programme launched by the Bank of Japan.
Sterling is likely to regain ground against the Yen on Tuesday as retail sales and inflation are both expected to have increased in December.
Current Japanese Yen (JPY) Exchange Rates:
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The US Dollar/Japanese Yen Exchange Rate is currently in the region of: 103.4670 <
The Pound Sterling/Japanese Yen Exchange Rate is currently in the region of: 170.1069 <
The Euro/Japanese Yen Exchange Rate is currently in the region of: 141.3605 <
The New Zealand Dollar/Japanese Yen Exchange Rate is currently in the region of: 86.1325 <
The Australian Dollar/Japanese Yen Exchange Rate is currently in the region of: 93.5015 >
(Correct as of 09:25 am GMT)
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