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JPY Mixed as EUR and USD Drive Market Volatility
Friday, 7 Jan 2011
The mixed results of the Japanese yen over the past several trading days shows a currency being driven by external factors. The yen has fallen significantly against the US dollar and British pound over the last few days, but has gained moderately versus the euro.
As a safe-haven currency, the JPY tends to find support when markets are weakened. The recent strength in the USD from Wednesday's ADP employment figures has allowed the dollar to outpace the yen in short-term trading. Europe's continued weakness explains the JPY's persistent rise against that regional currency. With no economic reports expected out of Japan today, traders will want to pay attention to the US NFP data as this will likely drive today's volatility.
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