JPY Daily News

Yen Manages to Gain on USD in Overnight Trading

After losing close to 60 pips against the US dollar in yesterday's trading, the yen has ‎managed to correct itself and is currently trading around the 81.40 level. ‎Additionally, the Japanese currency has gained some 130 pips against the UK pound, ‎and 75 pips against the Swiss franc. Analysts attribute the yen's gains to a return to ‎risk aversion following the surprise announcement out of China yesterday. Whether ‎or not these gains are temporary depends on a number of factors.‎

First, today's UK Spending Review is unlikely to help generate investor confidence in ‎the British economy. Should the Bank of England announce a new stimulus plan, as ‎predicted, the safe-haven yen is likely to see more gains. At the same time, traders ‎always want to pay attention to any moves the Bank of Japan may make in order to ‎devalue its currency. The yen's recent gains have not been good for Japan's export ‎industry, and a move by the BoJ is not out of the question. ‎

Current Time: 05/27 04:40 GMT

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