Yen Gains, Strengthened by Europe’s Woes
Yet another downgrade of a credit rating of a European country was announced. This time Spain’s rating was cut by Moody’s Investor Service, making traders shun risk and seek for safety of the Japanese currency.
Moody’s reduced Spain’s credit rating by two notches to A1 from Aa2. The outlook stayed negative. The rating agency explained that the already moderate growth outlook for the nation’s economy is further threatened by the financial instability of the Eurozone. The report from Eurostat tomorrow is expected to show that the consumer confidence in Europe deteriorate from -19 in September to -20 in October, the lowest level since August 2009.
USD/JPY fell from 76.81 to 76.67 today as of 2:08 GMT. EUR/JPY was at 105.54 after dropping from 105.64 to 105.31 today.
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Consumer Confidence, Credit Rating, EUR/JPY, Europe, Japan, Moody's, Spain, USD/JPY, Yen
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Earlier News About the Japanese Yen:
- Japanese Yen Heads Higher on Risk Aversion (2011-10-18)
- Yen Goes Down as G20 Meeting Reduces Need for Safety (2011-10-17)
- Yen Rises as Chinese Export Growth Slows (2011-10-13)
- Japanese Yen Weaker Against Most Currencies (Not the Dollar, Though) (2011-10-10)
- Yen Weaknes as Risk Aversion Fades on Eurozone Expectations (2011-09-27)