The Japanese yen started the week strong against other most-traded currencies as the market sentiment favored safer assets, making the yen a desirable currency to have. The currency trimmed its gains as of now but retained its strength.
For whatever reason, traders were not particularly optimistic at the start of this week. This helped the yen to rally against various currencies, including the New Zealand dollar and the Great Britain pound. The stock market was also under pressure as investors were pulling their capital out of equities.
Japan’s economic data made the nation’s currency even stronger. Private-sector machinery orders, excluding volatile ones, increased at the seasonally adjusted rate of 19.1 percent in March. It was more than three times the forecast growth.
USD/JPY dropped from 101.53 to 101.30 as of 16:16 GMT today, reaching the low of 101.09 intraday. EUR/JPY was down from 139.03 to 138.90. GBP/JPY declined from 170.73 to 170.34.
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