The Japanese yen was heading toward its top gains in a five-day period against the world's reserve currency since the end of this past January as voters prepared to chime in on the secession of Crimea from Ukraine this weekend, according to Bloomberg.
Japan is preparing to raise sales taxes next month, for which preoccupations are growing as the increase's impact on the world's third-biggest economy remains to be seen. The central bank of the Pacific Rim nation this week notched all-time high levels for the economy-boosting stimulus program that has been in place since December 2012.
The yen edged up roughly 0.2 percent against the U.S. dollar and was pushing toward marking weekly gains of about 1.6 percent. That advance would mark the biggest climb since the five days ending January 24.
The Nikkei stock average plummeted roughly 3.3 percent on Friday to drop to its lowest rate in roughly 30 days, according to Reuters. Its weekly slide totaled roughly 6.2 percent.
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.