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Unwinding Carry Trades Fuel JPY Growth
Wednesday, 20 Apr 2011
The Japanese yen appears to have maintained its steady growth from yesterday due to heightened risk aversion in the global market. A dip in US stocks yesterday has helped push many investors into safe haven assets such as the yen and Swiss franc.
The island currency has gained roughly 1% against the US dollar since yesterday, and has reached towards 82.95 as of this morning. Injecting momentum into the yen's bullishness was an unwinding of carry trades yesterday as investors felt over-exposed in the euro given the recent fear of a needed debt restructuring for Greece. Traders may want to watch for any additional shifts such as yesterday's, especially considering that no impactful news will be published from Japan today.
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