Greenback extended its recovery from daily lows against the Yen following Wall Street opening and rose above 78.30 reaching at 78.42, the highest price since the European morning. Currently trades at 78.34/36, less than 20 pips below Friday’s closing price.
On a wider perspective, according to Alpari, the USD/JPY is likely to weaken over the short-medium term “because of lingering market concerns about a US sovereign downgrade and low probability of JPY selling intervention, especially given that Japanese equity markets continue to hold up well despite a strong JPY.”
The Yen also fell in the last hours against European currencies as stocks in the US trim losses. In Wall Street, the Dow Jones is losing 60 points but initially it was falling 120 points.
On a wider perspective, according to Alpari, the USD/JPY is likely to weaken over the short-medium term “because of lingering market concerns about a US sovereign downgrade and low probability of JPY selling intervention, especially given that Japanese equity markets continue to hold up well despite a strong JPY.”
The Yen also fell in the last hours against European currencies as stocks in the US trim losses. In Wall Street, the Dow Jones is losing 60 points but initially it was falling 120 points.
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