Futures Market News
Yen heads toward longest losing streak against dollar since March 2011
Oct 18, 2012 12:00 PM
The monetary unit of the Pacific Rim nation was driving toward its lowest value in roughly eight weeks against the world's reserve currency. The six-day streak would be the longest since March of last year as U.S. Treasurys rose to their highest value in about one month against those issued by Japan.
"The softer yen is the biggest factor today ... This could be a turning point, but it's really too early to tell," portfolio manager and executive officer Yasuo Sakuma with Bayview Asset Management told Reuters. "If the won and the euro continue to get stronger I think sentiment might become a bit more 'risk on.'"
The past 90 days have seen the yen fall 4.8 percent in value against the U.S. dollar, distinguishing itself as the worst-performing monetary unit of 10 currencies from developing nations that are watched by Bloomberg.
The monetary unit of Japan was dropping toward its lowest value in about 30 days against the 17-nation monetary unit, according to Reuters.
Don’t Miss Our News Updates!
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: Euro/Dollar in a Time of Crisis
Sign up for our FREE report and gain insight about the current global crisis through our extensive research and analysis!
Download this exclusive report as we examine current global events, the present impacts on market prices and volatility, and potential outcomes of the Eurozone crisis.
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.