Yen continues to show weakness today, heading lower against some of its major counterparts, particularly the US dollar and the UK pound. There is shorting of the yen as Forex traders consider the possibility of global economic recovery, and as the events in Ukraine continue to be mostly a non-issue for world markets.
Even though there had been some concern over events in Ukraine and the annexation of Crimea by Russia, things are settling right now, since it looks as though there won’t be aggressive action taken. With markets seeing the situation mainly as a non-issue, there isn’t much call for a safe haven, and the yen has been losing ground in some cases.
For now, most of the focus is on what’s next for the greenback anyway. The Federal Reserve meeting is coming to an end and will result in an announcement later today, and that will probably have more of an impact on currency trading, and even whether or not there is more weakness ahead for the yen, than global political issues and uncertainties.
At 14:03 GMT USD/JPY has moved higher, to 101.5625 from the open at 101.4450. EUR/JPY is lower, dropping to 141.3305 from the open at 141.3510. GBP/JPY is up to 168.7950 from the open at 168.2985.
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