The Japanese Yen fell to its lowest level in seven-weeks against the US Dollar and slid against the Pound and Euro as demand for safe haven currencies fell as tensions eased between Russia and Ukraine.
The Yen’s sharp decline overnight was in contrast to it being the biggest gainer at the start of the week.
The risk of war breaking out between Russia and Ukraine eased yesterday after Russian President Vladimir Putin recalled troops which were engaged on a military exercise close to the Ukrainian border. In a press conference nerves were eased further after MR Putin said that there will be no war between the two nations.
Against the Euro the Yen softened after data out of the Eurozone showed that the region’s services purchasing managers index increased to its highest level in 32-months. The PMI rose to 52.6 last month, better than the final reading recorded in January of 51.6, and beat economist forecasts for a reading of 51.7.
The Yen also dropped against the Australian Dollar after GDP data showed that the South Pacific nation’s economy expanded more than expected in the final quarter of 2013. Economists had been forecasting a rise to 0.7%, the actual figure was 0.8%.
The next major piece of data due for release for the Japanese Yen comes over the coming weekend when GDP data for the nation is released. Economists are forecasting that the Japanese economy expanded by 0.3% in the fourth quarter of last year.
Japanese Yen (JPY) Exchange Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
US Dollar,
,Japanese Yen,102.3900 ,
Euro,,Japanese Yen,140.6940 ,
Pound Sterling,,Japanese Yen,170.7330 ,
Australian Dollar,,Japanese Yen,91.7849 ,
[/table]
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