Now, as the situation with Greece is resolved (at least for some time), Forex traders turned their attention to the United States and the danger of the fiscal cliff. The Japanese yen profited from the resulting fears.
Harry Reid, the Senate Majority Leader, complained about the progress in the talks about ways to avoid the fiscal cliff (or rather lack of progress thereof). Markets did not take the comments well. The Stoxx Europe 600 Index of shares dropped 0.4 percent and the MSCI Asia Pacific Index declined 0.5 percent. The yen returned in favor of traders under such conditions.
USD/JPY dropped from 82.14 to 81.83 and EUR/JPY fell from 106.29 to 105.78 as of 10:47 GMT today.
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