The yen appreciated 1.2 percent to 132.02 per euro at 8:34 a.m. in New York, from 133.64 yesterday, while the dollar appreciated 0.6 percent to $1.4869 versus the euro, from $1.4963. The gains are being attributed to a drop in global stock markets urging investors to seek safe instruments in which to protect their cash.
Ã¢â‚¬Å“ItÃ¢â‚¬â„¢s a risk-off day,Ã¢â‚¬Â said Daragh Maher, deputy head of global foreign-exchange strategy in London at Calyon, the investment-banking unit of Credit Agricole SA. Ã¢â‚¬Å“Equity markets are down, and in that kind of environment the dollar and the yen get bid.Ã¢â‚¬Â
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.