Yen Rises Broadly, U.S. Dollar Index Falls
The yen rose across the board on Friday as a pullback in Wall Street shares and a drop in oil prices negated upbeat U.S. consumer sentiment, rekindling safe-haven demand for the Japanese currency.
The dollar slipped against a basket of currencies, touching a nearly one-year low earlier, as the sell-off continued, on track for its worst weekly performance in more than three months. The greenback also fell to a fresh 2009 low versus the euro, but it recouped most of its losses.
The prospects for economic recovery and low U.S. borrowing rates continued to encourage investors to move cash out of the dollar into riskier assets in other currencies.
“Today we’re getting a little bit more action versus the yen and weaker U.S.…
Speaking Like a Pro: Learn Forex Jargon
As Forex trading becomes increasingly popular, more of your friends will expand their vocabulary…and you don’t want to be left behind! Jason Fielder has laid it all out below and is willing/able to answer any of your other questions about Forex via the comment section. So try to stump him in the comments, and check [...]
Dollar Gains as Risk Trade Takes a Pause
The U.S. dollar rose on Wednesday as news that China would act to restrict redundant investments underscored concerns about a global recovery and tempered the positive impact of data showing a jump in new U.S. home sales.
Reports that China intends to curb excessive investment in a range of industries “hurts the strong global growth outlook and is one of the things moving the dollar today,” said Chuck Butler, president of Everbank World Markets in St. Louis.
Investors tend to buy the dollar and yen as safe havens or unwind trades in higher-yielding assets financed with the U.S. and Japanese currencies when recovery optimism fades.
Two reports offered some encouragement about the health of the U.S. economy. A rise of 9.6 percent in new…