The Japanese yen climbed today, posting the biggest gain against the euro in five weeks, as Chinese manufacturing and speculations about the future monetary policy of the US Federal Reserve made investors nervous and unwilling to risk.
Today’s data from China was worse than market participants have anticipated, driving the Forex market into the risk-aversion mode. Traders were already concerned after yesterday’s comments of Fed Chairman Ben Bernanke. The MSCI Asia Pacific Index of stocks slumped 3.5 percent today as investors were looking for safer assets, avoiding risky ones.
USD/JPY dropped from 103.14 to 101.40 and EUR/JPY tumbled from 132.59 to 130.77 as of 9:35 GMT today.
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