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 | Japanese yen gains broadly in Asian trading   | |
MENAFN - Daily Forex
- 09/03/2010
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(Menafn - Daily Forex)
The Japanese Yen made broad gains in Asian trading today as Japanese firms booked profits prior to their fiscal year end on March 31st. As reported at 4:20 p.m. (JST), versus the U.S. Dollar, the Yen rose to 89.94 Yen from yesterday's late trading in New York when it struck 90.31 Yen. Against the single currency Euro, the Yen traded at 122.38 Yen from yesterday's low of 123.90 Yen, which was the lowest price in nearly 2 weeks. The Yen also rose against both the British Pound Sterling and the South Korean Won, up .85% and .6%, respectively.
The Pound Sterling also lost ground against the U.S. Dollar, trading at $1.4992, down from $1.5066, and is among the worst currency performers so far this year. Continuing political worries, an upcoming national election and an historic budget deficit are putting pressure on the currency, as investors doubt the sustainability of an economic recovery in the United Kingdom.
Greece's debt problems also continue to play a role in the depreciation of the Euro. The U.S. President will meet with the Greek Prime Minister to discuss the issue later today in the White House. Investors, meanwhile, continue to speculate on whether some of the more affluent European nations would be willing to assist Greece financially, if necessary.
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