Yen plunges versus US Dollar and Euro

The yen slid sharply against the dollar and the euro on Monday after a U.S. Treasury official voiced support for Japan's efforts to boost growth and end deflation.

Wall Street and world equity markets were little changed in light volume as a lack of major economic news gave investors little reason to push stocks higher, for now.

The euro had already climbed as a European policymaker dismissed talk of intervening to weaken the currency, while U.S. stocks were unable to get further traction after hitting multi-year highs.

The dollar rose as high as 94.42 yen on Reuters data, the highest since early May, 2010, and was last up 1.8 percent at 94.33 yen.

Reuters

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.

Get OANDA's exclusive weekly Market Pulse FX

HTML
  • HTML
  • Text
Stuart McPhee

Stuart McPhee

Senior Currency Technical Analyst at Market Pulse
Stuart McPhee has nearly 20 years’ experience as a private trader and he specializes in technical market analysis of major currency pairs. He is the author of several bestselling trading books, most recently the fourth edition of his popular book “Trading in a Nutshell” (John Wiley), and he contributes articles to daily newsletters and blogs. He produces articles and videos on the how-tos of technical trading. Living in Melbourne, Australia, Stuart speaks at conferences and events worldwide.
Stuart McPhee