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JPY Daily News
Yen Bullishness Set to Continue as Economic Crisis Worsens
The Japanese currency experienced a bullish trading session yesterday, as it appreciated against most of its major currency pairs. The JPY gained about 40 pips versus the USD during yesterday's trading session, and closed at 98.23. Its gains against the EUR were more dramatic, as it gained over 150 pips to close at 123.57. This came about as the Euro-Zone economic woes continue, and on Thursday's rate cut decisions. The JPY also made large inroads of over 100 pips vs. the GBP as Britain cut her Interest Rates to finish yesterday's trading session at 139.30. This result was also owed to the deepening bank crisis in Britain.
The Yen's strength yesterday was additionally owed to other important factors. Stock market indices all over the world fell by several percent yesterday on persistent worries about the deepening economic downturn, which has driven traders back to the safe-haven Yen. There are no economic data releases expected from Japan today. However, the JPY is likely to move on economic news events coming out of the U.S. and Britain. These releases are likely to determine the JPY's bullishness going into the middle of next week. Expect JPY bullishness to continue as traders pull their money out of riskier assets, and into more safe-haven ones.
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