JPY Daily News

Yen Climbs as U.S. Bank Bailout Produces Pessimism

The JPY rose against its major currency crosses in Tuesday's trading, as traders flocked back to the safe-haven Japanese currency. This came about as stocks in the U.S. and Japan fell heavily following statements by U.S. Treasury Secretary Timothy Geithner concerning the new $2 trillion U.S. banking bailout plan. Traders reacted with pessimism as they saw very few specific details about how Geithner, Obama, and the U.S. government will go about salvaging the U.S. banking sector, and thereby save the U.S. economy.

The JPY rose 80 pips against the EUR in yesterday's trading to close at 116.39. Against the USD, the JPY climbed 100 pips to finish yesterday's trading at 90.36. The JPY rose by a staggering 530 pips versus the GBP in yesterday's trading to close at 131.19. Forex traders are advised to follow Japanese, U.S., and British data releases throughout today's trading. The results of these may determine the JPY's strength against its major currency crosses into the middle of next week's trading.

Current Time: 05/27 00:22 GMT

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#	Time	$€£¥	Event	Per.	Prev.	Fore.	Act.	Imp.
02/11
	23:50	JPY	CGPI	y/y	1.1%	0.3%	-0.2%