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JPY Daily News
Powerful Upswing for the JPY.
Yesterday the JPY rose against all of its major currency counterparts. The JPY rose over 200 pips against the USD, and over 600 pips against the EUR, as the EUR/JPY saw a 13 month low, reaching beneath the 151.00 level.
It seems that investors were bailing out of more leveraged carry trades, and began borrowing Yen at low rates in order to buy higher yielding currencies and commodities. Moreover, not only did the JPY appreciate against the major currencies such as the EUR and the GBP, it was also the only currency to appreciate against the USD. Analysts also estimate that the Euro-Zone's economic uncertainty has lead investors to seek out for other prospects aside from the EUR. The first choice was of course the USD, which initiated its current bullish trend. Since the U.S. economy is far from being a stabile economy to rely on recently, the JPY has suddenly became a very attractive prospect. Late at night, during early Asian trading, the Japanese Capital Spending was published, demonstrating a 6.5% decrease from the first quarter of the year. This turned a minor bearish correction for the JPY during the night.
Today, the JPY will be absent from the economic calendar, and traders should follow overseas events in order to determine the JPY's direction for today. Special attention should be given to the U.S Non-Farm Employment Change that will be published at 12:30 GMT, and will be today's leading publication which will also affect the Yen's crosses.
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