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- Forex Market: Yen Strengthens from International Context
The Yen strengthened internationally and in Forex after the U.S. economy posted negative figures, showing an excellent performance in Asian economies.
The constant search for safe haven trading in the Forex market has set the tone for the beginning of the pandemic for investors.
Faced with such an unimaginable scenario, opting for risk appetite was not a good option.
However, as the economies of the countries that have managed to curb the disease have regained some of their past strength, investors are resuming their interest in risk.
Forex: Investors regain risk appetite
Yen Strengthens as Safe Haven
The Japanese currency has been gaining more and more confidence from investors in the past few weeks. This is because they have backed up their promises of a rapid economic recovery with positive economic data.
In addition, the tensions between China and the U.S. have allowed the Japanese currency to take the lead.
As a result, the Yen reached a 4-month high on Friday. This shows that there is a prevailing confidence among investors regarding the Asian currency.
However, the Chinese yuan has also performed well during the week, thanks to the positive figures emanating from its economy.
Asian Currencies Expand Their Potential
The worst performance of the dollar to date
If we want to talk about currencies that have been in virtual free fall in July, we would have to talk about the dollar.
As the Yen strengthens, the Dollar has been on the road to its worst weekly performance in over four months against a basket of currencies that have clearly improved their market performance.
In addition, the Dollar has had to face a rising EUR as the European currency improved its Forex performance after EU leaders agreed on economic actions that would generate positive effects for the countries of the bloc.
Meanwhile, the EUR reached a new 22-month high against the Dollar, rising 0.3% to $1.1632.
The Yen is strengthening in the Cryptosoft market, as are currencies such as the Euro.
Thus, the struggling dollar is just about to register its biggest weekly percentage loss since early June.
„Investors are avoiding the dollar because of concerns about the prospects for the U.S. economy,“ said Kathy Lien, managing director of BK Asset Management in New York.