After new restrictions on banks' size, new regulations in the country fueled speculations and trading activities in United States America by President OBAMA, Yen is getting more strong against USD. According these restrictions that investments will decrease in the U.S, investors will have to abandon dollar-priced assets. USD/JPY ended below 90.00 which is the lowest level in a month. If we see on wider view then the pair is coming down from June 2007.
Yen ended last week with positive performance against many main traded currencies. After Obama's statement, Yen is climbing up. If more countries will also propose strict regulations in banking criteria then the yen will rally further.
Not only USD but also EUR remained weak against yen. EUR/JPY fell for the seventh session in a row. The decline was more than 500 pips. EUR/JPY fell on friday, reaching nine month low.
Yen's position was bullish. And market's position according USD and EUR's pairs with JPY was as follows:
USD/JPY closed the week at 89.80 from as high as 91.86 on Thursday. EUR/JPY closed at 126.91 from as high as 129.48 on Thursday.
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