Wednesday, 6 Jan 2010 The Yen traded near a two-week high against the Dollar as disappointing U.S Pending Home Sales data signaled an uneven U.S economic recovery. This reduced expectations that the Federal Reserve will raise interest rates earlier than expected.
The Yen traded early this morning at 91.64 per USD from 91.71 yesterday when it declined to 91.26, the lowest level since Dec. 25. The JPY was at 131.79 per EUR from 131.75 yesterday. Adding further pressure to the USD versus the JPY was a decline in U.S Treasury Yields, making it less attractive for Japanese investors to buy foreign currency. Today's economic data releases will likely provide a direction for the Yen.
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