The Yen Is Rising Against The Dollar To Its Highest In Six Months
The yen rose against the dollar on Monday afternoon to its highest level since March amid heightened economic concerns that are contributing to increased demand for more reliable assets, according to trading data.
As of 12.47 GMT, the dollar-yen exchange rate is falling to 104.08 yen per dollar from the previous closing level of 104.55 yen. Earlier in trading, the dollar against the yen reached 104 yen, the highest for the Japanese currency since March 12. The Euro/dollar exchange rate at the same time falls to 1.1785 dollars per Euro from the previous closing level of 1.1837 dollars. The dollar index (the dollar exchange rate against a basket of currencies of six countries — the main trading partners of the United States) is growing by 0.41% to 93.3 points.
The week on the markets began with General pessimism-traders fear that the increase in the incidence of coronavirus in different countries of the world will put pressure on the global economic recovery. Against this background, there is a rejection of risky assets, as evidenced by sales on global stock markets. In the currency market, investors also prefer reliability to risk, buying the yen against the dollar and the dollar against the Euro.
BDSwiss analyst Marshall Gittler, whose opinion is quoted by Reuters, noted that the growth of the yen occurs within the framework of a typical rejection of risk in the currency markets, with the exception being only the Swiss franc, which is declining.