Yen Strengthens vs. Dollar on Increasing Growth Concern
The Japanese yen rose today against the U.S. currency as the growing concern for the global recovery spurs the investors to seek safety, increasing the appeal of the Japanese currency.
The U.S. economy continues to show the sings of the weakness. While the banking sector in Europe looks pretty robust, the manufacturing sector gives the reason for the concern. According to the experts’ estimates, the manufacturing confidence in the Eurozone was minus five in July.
USD/JPY fell from 87.44 to about 87.17 today as of 8:58 GMT after reaching as low as 87.08.
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Earlier News About the Japanese Yen:
- Yen Weakens on Signs of Recovery (2010-07-27)
- Japanese Yen Recovers as Markets Prepare for Risk Aversion (2010-07-21)
- Pessimistic Outlook for U.S. Economy Bolsters Yen (2010-07-16)
- Losses of Japanese Yen Continue for Yet Another Day (2010-07-08)
- Yen Reinforced by Increasing Concern for Global Recovery (2010-07-07)