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JPY Daily News
Yen Hits 7 Month Low vs. EUR
The Japanese Yen weakened against the EUR and the Dollar after Fitch Ratings reiterated its confidence in the U.S. and U.K.'s AAA ratings, damping demand for Japan's currency as a refuge from the global financial crisis. However, the JPY recovered in late trading to finish up by 60 pips vs. the EUR to close at 136.22. The JPY dropped to 96.15 per Dollar from 95.63.
Investors are now wondering if the JPY will continue to gain ground against the EUR and Pound in today's trading. It is important to take into account that this may only continue if the leading economies led by the U.S. publish predominantly positive economic data today. The result of this would help reduce demand for the safe-haven JPY. In the meantime traders are advised to open up their JPY trades ahead of the Euro-Zone and British Interest Rate decisions in the coming hours.
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