1 Dec 2014
USD/JPY falls toward 118.00 amid Japan’s downgrade and USD weakness
FXStreet (Córdoba) - USD/JPY reached a fresh 7-year high at 119.12 but then reversed sharply erasing daily gains amid a downgrade of ">Japan’s credit rating by Moody’s. Recently the pair dropped further weakened by a decline of the US dollar across the board and bottomed at 118.05.
At the moment of writing it was trading at 118.30/35, down 0.28% for the day; retreating after rising sharply on Friday and ahead of the release of the US PMI and the ISM manufacturing index.
The impact of the downgrade of the yen across the board was limited. Initially dropped but then recovered ground. During the last two hours turned slightly to the downside, despite rising against Greenback, as stocks in Europe recovered ground.
At the moment of writing it was trading at 118.30/35, down 0.28% for the day; retreating after rising sharply on Friday and ahead of the release of the US PMI and the ISM manufacturing index.
The impact of the downgrade of the yen across the board was limited. Initially dropped but then recovered ground. During the last two hours turned slightly to the downside, despite rising against Greenback, as stocks in Europe recovered ground.