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JPY Daily News
Less Risk Taking Helps the Yen Rise Across the Board
The Japanese Yen was a big benefactor from yesterday's flight to safety as the JPY made considerable gains against its major crosses. Declines in U.S. equities had traders scrambling to readjust their positions as market participants sold higher yielding currencies for the safety of the Japanese Yen. This sank the USD/JPY to 97.78 from 99.30. The GBP/JPY fell to 141.64 from 146.69. The EUR/JPY also dropped to 126.21 from 129.29.
Two scenarios could play out in the trading of the Yen today. If declines in equity markets continue for the second day in a row, these may again lower trader's appetite for riskier currencies and boost the Yen. However, yesterday's gains may be short lived due to the release of the Japanese Trade Balance. This economic indicator may show worse than expected results as the Japanese export industry has been severely hurt during the economic recession. Past indicators have shown export numbers dropping dramatically. This has the potential to weaken the Yen in the short term horizon.
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Print| # | Time | $€£¥ | Event | Per. | Prev. | Fore. | Act. | Imp. |
|---|---|---|---|---|---|---|---|---|
| 04/21 | ||||||||
| 00:50 | JPY |  Trade Balance | -0.04T | -0.25T | - |  | ||
