By: Barbara Zigah
In Asian trading, the U.S. Dollar struck a 3½ month peak against the Japanese Yen as better than expected U.S. data points provided a lift to the greenback, already rallying since the Bank of Japan’s movement earlier this week. The Australian Dollar also struck a 6½ month high against the Yen, while the Euro was trading at 2-month high. One forex strategist believes that there is a possibility that the Yen will continue to weaken in the short term, supported by the central bank’s actions which included a huge increase in its asset purchasing program.
As reported at 1:50 p.m. (JST) in Tokyo, the U.S. Dollar was trading against the Yen at 79.05 Yen, a gain of 0.2% f rom late New York trading and off the 79.18 Yen high struck on the EBS trading platform. The Australian Dollar was recently trading at 85.15 Japanese Yen, a gain of 0.3% but off the multi-month peak of 85.48. The Euro was trading at 103.77 Yen, a gain of0.1% and off the 2-month peak of 104.04 Yen.
The Euro is once again recovering from its earlier romp precipitated by worries of a Greek debt default, but renewed hope has helped to push it higher against the U.S. Dollar and it was recently holding steady at $1.3126.
Japanese Yen Continues to Weaken
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.