By: Barbara Zigah
Much improved housing market data from the U.S. and mixed corporate earnings reports helped to push the Japanese Yen up broadly in Friday’s trading in Asia. U.S. housing data indicated that existing home sales continued to climb for the third straight month and housing prices are at their highest levels in more than 9 months. Speculators and analysts believe that this means that the all-important U.S. housing market is finally improving, which should bolster the American economy. Earnings data from Amazon, American Express and Microsoft was released yesterday after the close of the U.S. markets; though disappointing, they had little effect on the markets.
As reported at 1:33 p.m. (JST) in Tokyo, the Japanese Yen gained .3% to trade at 94.62 Yen, following yesterday’s 2-week low of 95.30 Yen on the EBS trading platform. The Yen pushed higher against the single currency Euro, gaining .2% to trade at 134.01 Yen. Analysts suggest that the Yen was helped along by a rally on the equity markets; yesterday the Dow Jones Industrials topped 9,000 for the first time in more than 6 months, while Asian traders sold their holdings in the Japanese currency in advance of expected outflows.
Japanese Yen up Broadly
After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.