USD/JPY Below 101.50 on Risk Aversion

The yen reached a three-month high against the dollar as concern global economic growth remains sluggish prompted demand for haven assets.

Japan’s currency was little changed as global foreign exchange market voltility slowed to almost the lowest level since 2007. India’s rupee climbed to an 11-month high versus the dollar as the clearest election results in three decades boosted investor confidence in the nation. Sweden’s krona weakened to a four-week low versus the dollar as unemployment rose in April.

“You see dollar yen bouncing a little bit off these levels,” Sebastien Galy, a senior currency strategist at Societe Generale SA in New York, said in a phone interview. “Growth or lack of inflation plays some role.”

Bloomberg

Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.