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JPY Daily News
Japanese Yen the only Currency to Beat USD's Bullish Run
The JPY underwent a bullish trading session yesterday as it appreciated against all of its major currency rivals as well as being the only currency to beat the USD's bullish run. The JPY closed yesterday's trading session at 105.11 versus the USD. Moreover, the traumatic trading day experienced by the EUR led the JPY to reach a 2-year high of 144.55 against the 15-nation currency.
Japan was absent from the economic calendar yesterday as no indicators were published. However, the export-based Japanese economy took advantage of the drop in the price of Crude Oil which helped to lower the transportation costs of Japanese goods exported to the global economy.
Today is also expected to be a quiet news day from Japan. The JPY's trends will be affected by the rallies of its primary currency pairs. It seems as if both the USD and EUR are expected to undergo a volatile trading session today and their crosses with the JPY will likely be affected. Traders should keep a close look on the news coming from the U.S. and Europe as these economies will be the deciding factors in the JPY's movement today, especially the U.S. bailout plan currently being looked over by the U.S. House of Representatives.
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