By: Barbara Zigah
The common currency Euro edged up off of a 4-year low versus the U.S. Dollar in Asian trading today, trading at $1.1960, an increase of .3%. Yesterday, the Euro slipped .3% following last week’s loss of 2.7% for the week. The common currency also rose versus the Japanese Yen, trading at 109.70 Yen, a .7% gain; yesterday, it slipped .9% and in one point in the trading session had fallen to the lowest point in better than 8 years.
A comment made by Ben Bernanke, the Chairman of the Federal Reserve Bank, did little to assuage investor worries about the Euro. He said that the Euro’s survival was of paramount importance to leaders in the Euro-zone, and that they were committed to the task at hand. Further, Mr. Bernanke stated that there was money enough to meet the debt obligations of struggling Euro-zone economies. To that end, finance ministers in the Euro-zone agreed to establish a safety net plan.
Other high yielding currencies, including the New Zealand and Australian Dollars, rose against the Japanese Yen on investor short covering. As reported at 1:19 p.m. (JST) in Tokyo, the New Zealand Dollar traded at 60.83 Yen, an increase of 1%, while the Australian Dollar rose 1.6% to trade at 75.24 Yen.
Euro, Other High Yielders Rise against Japanese Yen
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.