Futures Market News
Japanese yen climbs against rivals
Mar 05, 2012 10:42 AM
Monday saw the monetary unit of Japan make a modest recovery against its counterpart currencies after China slashed its economic growth target, Bloomberg reports.
The host of the globe's most rapidly developing economic system reduced its economic goal from 8 percent to 7.5 percent. The 8 percent figure had remained since 2005 and the reduction signals leaders of China are driving toward minimizing dependency on capital spending and exports while driving harder toward consumption.
"There are apparently substantial flows from exporters," analyst Teppei Ino with the Bank of Tokyo- Mitsubishi UFJ told Bloomberg. "The dollar-yen rate has neared 82, triggering buying of the yen."
The value of the U.S. dollar fell from its top level against the yen in nine months after having gained about 7 percent against the monetary unit of the Pacific Rim nation during the past four weeks, according to Reuters. The yen increased 1.1 percent against the shared currency of the European Union.
Central banks - the Bank of Japan and the European Central Bank - are largely responsible for the performances of their nations' monetary units as the former implemented a surprise round of monetary easing last month while the latter opened the second round of a loan program to aid debt-hobbled banks last week.
Don’t Miss Our News Updates!
Share dt News:
Follow our breaking news stories and get a unique take on current events that may impact the commodity futures markets. Multiple new articles are posted each weekday. Subscribe to our commodity news updates by email, and receive real-time updates with our RSS feed, follow us on Twitter @DanielsTrading, become a fan on Facebook to stay informed.
SPECIAL OFFER: Wealth Empowerment Guide
Learn how to trade commodity futures and options using funds from an IRA or 401(k)!
Is your IRA parked in some mutual fund, going nowhere? Why not take control? Trade futures direct with a broker, trade online, and even invest in a managed account with a Commodity Trading Advisor. We are here to help!
Special Offer
Register for Your Free 2-Week Trial of the dt Insider Market Advisory!
With your free trial membership, you'll receive full access to our exclusive trade recommendation service and all of the timely and accurate trade information you need to feel comfortable participating in the markets.
