JPY Daily News

Yen Weakens as Risk-Aversion Decreases

The Japanese yen fell against most of its major currency counterparts during yesterday's trading session. The yen lost about 120 pips vs. the euro, and the EUR/JPY pair reached as high as the 108.90 level. The yen also saw a 50 pip drop against the U.S. dollar.

The yen weakened yesterday after positive economic releases from the U.S. spurred demand for higher-yielding assets. Reports have shown that initial U.S. jobless claims fell last week to the lowest level since July 2008. In addition, the number of contracts to buy previously owned homes rose by 2.5% in November, following a record 10.1% rise in October.

As for today, Japanese banks will be closed in observance of a four-day bank holiday. Traders should also take under consideration that a light news day is expected due to New Year's Eve.

Current Time: 05/27 05:41 GMT

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#	Time	$€£¥	Event	Per.	Prev.	Fore.	Act.	Imp.
12/31
		JPY	Japanese Bank Holiday		*	*	*