FX: Yen Gains as Economic Recovery Concerns Re-emerge
The Japanese yen strengthened against the US dollar and Euro today on renewed concerns over the pace of global economic recovery, drawing investors to the safety of Japanese Yen.
The Australian Industry construction index reduced to 46.4 from 53.2 in June. Additionally, Germany’s factory orders are expected to increase by a mere 0.5 percent, on comparison to the prior reading of 2.8 percent. Such dismal have put the traders’ on the risk-aversion mode; thereby, spurring the Japanese currency. USD/JPY traded at 87.04 at about 8:40 GMT today, a fall from the opening rate of 87.49. EUR/JPY tumbled to 109.41 after it opened at 110.47.
