Japanese Yen Remains Strong As European Political Turmoil Persists

The Japanese yen was among the strongest currencies today as the ongoing political crisis in Europe continued to bolster the currency. Domestic macroeconomic data was decent enough to provide further support to the yen.

Japan’s Statistics Bureau reported that the unemployment rate stayed at 2.5% in April, unchanged from March. Experts were expecting such reading. Now, traders wait for tomorrow’s release of retail sales and consumer confidence.

USD/JPY fell from 109.40 to 108.69 as of 17:07 GMT today. EUR/JPY declined from 127.13 to 125.44, while its daily low of 125.05 was the lowest since June 27.

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