Yen Declines on South Pacific Positive Reports

The yen started this Thursday losing versus the main South Pacific currencies as reports in the region brought risk appetite high in foreign-exchange markets, after confidence that the economic pace will accelerate in Australia and the New Zealand.

After an Australian report that showed the highest jump in the country’s employment in the 3 years and a kiwi report indicating food prices rose in New Zealand, risk appetite increased further from yesterday in the region, making the yen to post considerable losses versus these currencies, which are expecting interest rate hikes at some point this year.

NZD/JPY traded at 62.75 as of 04:18 GMT from 62.17 yesterday.

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