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JPY Daily News
Investors Sold the YEN after Japanese Prime Minister Resigned
The Japanese YEN traded lower against most of its major counterparts yesterday following Prime Minister Yukio Hatoyama resignation. The political uncertainty reduced the Yen's safe heaven appeal. The Yen slid to 92.20 per Dollar from 91.44, yesterday's open rate. The Yen fell to 113.36 per EUR in early trading hours, the uptrend is expected to continue during today's trading session.
Looking ahead, today U.S. Unemployment and Manufacturing reports should dictate the currency market direction. Recently if such reports came lower than expected traders returned to safe heaven currencies such as the USD and the Japanese Yen. Recent events in Japan question the Yen role as a safe heaven currency. Therefore the Yen is expected to trade further lower against its major counterparts today.
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