Yesterday, the Japanese yen saw gains as jitters sent Forex traders to safe havens, and as reports came in about a reduction in trade deficit. Today, though, many majors have recovered against the yen, and the currency is mostly lower.
Yen got a boost against many of its major counterparts yesterday, thanks in large part to market concerns. US economic data didn’t come out as well as expected, and that provided the yen gains against the greenback. Additionally, falling oil prices have resulted in a small trade deficit for the yen, and that was a bit of help as well. However, even Japanese economic data isn’t coming in quite as positive as expected, and that is taking its toll today.
Today, yen is once against trading mostly lower against its major counterparts. Yesterday’s gains are fading other currencies once again take the upper hand. Even the euro is gaining against the yen right now, even though earlier the euro had been one of the few major currencies still losing ground.
At 11:31 GMT USD/JPY is higher, moving up to 116.7030 from the open at 116.3100. EUR/JPY is also higher, gaining to 135.1960 from the open at 135.1560. GBP/JPY is gaining, moving up to 177.4790 from the open at 176.4990.
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