The Yen Strengthens its Position
Posted on March 16, 2010 by David Majors for Luckyroom.com
The yen moved upwards [JPY = X] after amid speculation that Japanese exporters have taken advantage of the five weeks low against the euro. The dollar moved upward for a second day against the Malaysian ringgit after great expectation that there will be disagreement among members of the Federal Reserve to extend the conservation interest rates near zero. The yen rose reaching 123.37 per euro at 1 pm in Tokyo from 123.83 yesterday who was in New York, where it touched 125.32 yen, its lowest since Feb. 4. The yen rose to 90.08 from 90.53 against the dollar and the euro was selling at 1.3692 per dollar from 1.3677.
The U.S. currency rose 0.3% against the Malaysian ringgit at 3.3275. The Australian dollar fell 0.4% to 1.2978 against the New Zealand dollar and 0.5% against the yen, reaching 82.42. Today the Federal Reserve will announce its decision on interest rates, which according to forecasts by analysts will be maintained at low levels near zero. The euro traded near the lowest levels of 16 months against the Swiss franc before the announcement of Germany on investor confidence, which probably fell for the sixth month; a strong sign that Europe’s largest economy struggles to recover. The euro touched 1.4519 per Swiss franc from 1.4524 yesterday.
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