The Japanese yen found help from the risk-negative sentiment that prevailed on the Forex market at the start of the trading week. The drop of crude oil and global stocks soured the traders’ mood, making them less willing to take risk.
The drop of crude oil prices and the subsequent fall of stock markets were the main drivers for the FX market today. As a result, risky currencies found themselves under pressure while safer options, like the yen and gold, got a boost from the news. The Japanese currency also profited from speculations that the Bank of Japan is not going to expand its monetary stimulus at the Friday’s policy meeting.
USD/JPY declined from 118.64 to 118.41 as of 14:06 GMT today. GBP/JPY was down from 169.26 to 168.82.
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