Yen is trading mostly higher today, strengthening against the greenback as geopolitical issues take center stage. With a national holiday closing markets in Japan, there is little that can be done other than look at the wider geopolitical goings-on — and that is providing the yen with a little bit of a boost.
There is plenty of uncertainty around the world, and that is giving the yen a boost against the dollar for now. With lackluster data in the United States prompting many to speculate that the Federal Reserve will not begin tapering its asset program, dollar weakness is expected for some time. This, along with a precarious geopolitical situation surrounding Syria, is contributing to the yen’s gains versus the US dollar.
Even though Japanese markets are closed today, and there is no news coming out of Japan, Forex traders are looking forward to later this week. It’s a big week for data reports in Japan, and the week will conclude with the BOJ‘s Governor Haruhiko Kuroda making his monthly speech. There will be plenty to comb through later, and it will be interesting to see where the yen goes next.
At 15:35 GMT USD/JPY is down to 98.9300 from the open at 98.6490. EUR/JPY is up to 132.0425 from the open at 131.8195. GBP/JPY is up to 157.6050 from the open at 157.3275.
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