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JPY Tumbles Against Currency Rivals
The JPY tumbled against its major currency rivals in Thursday's trading. The most dominant reasons for this were other factors apart from the Japanese economy. These external factors seem to be increasingly affecting JPY trading as of late. Despite major economic data releases on Wednesday, yesterday investors reacted to events coming out of the Atlantic. The reasons for this may also be that JPY investors continue to look for signs of global economic recovery. This is despite the bottoming out of the current economic slump in Japan.
The JPY fell against the USD by 80 pips to 99.20, recording its second day of losses against the U.S. currency. Against the EUR, the JPY slid 170 pips to 132.47 as investors poured into the EUR, as the Euro-Zone made a 25 basis point rate cut to 1%. However, the GBP/JPY rate was down slightly, as Britain's economy continues to deteriorate. Today, expect some high volatility for the JPY, as Japan is absent from the forex calendar. Therefore, yet again, much of the movement of Japan's currency will be largely influenced by external economic dynamics.
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