Yen Weakening against Euro, Pound

The Japanese yen continued its fall against the high yielding currencies today, especially against a very strong bullish euro, and reached 3-month minimum value against it, as the stock market rallies spurred carry trade popularity on Forex.

The yen dropped also against the New Zealand and Australian dollars because of their high interest rate, which makes them the perfect counterparts for the so called carry trade versus the Japanese yen.

In carry trade Forex traders sell low interest currencies for high interest one in order to gain on the overnight rate difference. Carry trade has been becoming less popular since the Autumn 2007, when the subprime lending crisis in U.S. increased the global financial volatility. But these days, with the global stock markets looking more and more stable, carry trade may experience its second birth in this decade.

EUR/JPY reached 162.82 level today — the highest rate since the 2nd of January. GBP/JPY didn’t break any significant records today, but this currency pair reached its weekly high level at 201.46.

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