Dollar is falling against the yen

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Dollar is falling against the yen
September 09
09:00 2016

The US currency is falling against the yen, intending to finish the week with the negative dynamics due to the fact that the situation with the interest rates increase still remains uncertain.

To the beginning of the day the US dollar has fallen by 0.3 percent and became equal to 102.16 yen. The previous peak of the dollar recorded on Thursday, was equal to 102.60 yen. In general the US dollar has lost 1.8 percent over the week.

One of the traders at a Japanese bank in Singapore said that the dollar seemed to lose its momentum against the yen after the increase on Thursday.

The market attention is now focused on the fact whether the Federal Reserve will increase the rate in the near future. In addition, the market is monitoring the probable extension of aggressive actions aimed at encouraging the Bank of Japan. Both regulators have planned meetings for the end of September.

“Most likely, the US dollar will stay above 100 yen. Probably, it will grow to marks of 104-105 yen in anticipation of the Bank of Japan and the Fed’s decision, which is going to be taken in September”,-  said Jasper Bergmann, the Nordea Bank’s representative in Singapore.

On Friday Haruhiko Kuroda, Governor of the Bank of Japan, has made a statement that he has discussed the internal and external situation of the Japanese economy and financial markets with the country’s Prime Minister Shinzo Abe.
Kuroda told the reporters that Abe had not given any specific orders and that the foreign bonds purchase had not been discussed at the meeting.

The euro has jumped by 0.2 percent to $ 1.1277. The European currency has strengthened on the positions as the European Central Bank left interest rates unchanged on Thursday.
At the press conference Mario Draghi, ECB President, told the reporters that then the regulator was engaged in studying the possibility of making adjustments to the program of buying assets.

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