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JPY Daily News
Safe-Haven Yen Moves Up against European Currencies
The Japanese yen was able to make gains against both the euro and UK pound in overnight trading, as a lack of news has decreased investor's appetites for riskier currencies. The EUR/JPY has moved down 50 pips since markets opened for the week, while the GBP/JPY dropped 80 pips before staging a slight correction.
The yen did not gain on all of its currency rivals today. The USD/JPY pair has gone up close to 40 pips since markets opened, largely due to positive US employment data released last week.
Today, a bank holiday in Japan means that yen values will likely be decided by the US ISM Manufacturing PMI. A positive figure will likely lead to further losses for the yen against the US dollar. At the same time, should the PMI come in as expected, the European currencies will likely take further losses against the JPY.
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