Start Trading Now Get Started
Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Oil Price Drop Sends FX Traders to Yen

By Barbara Zigah

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.

The Japanese Yen made strong gains during Tuesday’s Asian and European trade after the news that oil prices had fallen again sent FX investors in search of a safe haven. With risk appetite waning, commodity linked currencies such as the Australian and Canadian dollars were both under pressure as a result. At the same time, the U.S. Dollar’s rally paused as U.S. Federal Reserve officials made some cautionary comments which had investors rethinking the timing of the next interest rate hike.

As reported at 8:28 am (GMT) in London, the USD/JPY was trading at 119.78 Yen, a loss of 0.8% for the greenback, with the pair moving farther away from Monday’s 7-year peak at 121.86 Yen. The EUR/JPY was trading at 147.93 Yen, a loss of 0.5% for the common currency. The AUD/USD hit a 4-year trough at $0.8223 while the USD/CAD is trading at C$1.1501.

Fed Comments Put an End to Dollar Rally

In the U.S., Denis Lockhart, the president of the Atlanta branch of the Federal Reserve Bank, said yesterday that the Fed’s pledge to maintain rates at their existing low was likely for a “considerable time.” The president of the San Francisco branch of the Fed, John Williams, agreed with Lockhart’s assessment of the Fed’s position.

Barbara Zigah
About Barbara Zigah

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.

 

Most Visited Forex Broker Reviews