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JPY Daily News
JPY is set to Move on the Release of European and U.S. Economic Data Today
The Japanese currency recovered to EUR/JPY 117.96, after losing ground against the EUR in the earlier part of the trading session on Thursday. The JPY nonetheless rallied against the USD during yesterday. This was in response to falling stock prices and persistent worries about a deepening economic downturn that has driven traders to the safe-haven Yen. In the past, the low Japanese Interest Rate helped hold the value of the JPY lower than other currencies as traders used the Japanese currency to fund the purchase of higher yielding assets. However, with global Interest Rates being slashed, the value of these carry trades have declined and the counter-currencies seem less attractive as comparatively the Japanese Interest Rates aren't as low as they were several days ago.
Today, Japan will be absent from the economic calendar. The JPY's trends are likely to be affected by news developments from Europe and the United States. Analysts forecast that the USD and EUR are expected to continue a volatile trading session today and their crosses with the JPY are likely to be affected too. Traders should keep a close eye on the news coming out of the U.S. and Europe as these economies will probably be the deciding factors in the JPY's movement today, especially the release of U.S. Non-Farm Employment Change data later today.
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