The US Dollar to Japanese Yen (USD/JPY) exchange rate is trending within a tight range on Wednesday. This is thanks to particularly quiet trading as the year draws to a close.
The US Dollar to Japanese Yen exchange rate is currently trending in the region of 119.5816.
Yesterday…
The US Dollar to Japanese Yen (USD/JPY) exchange rate softened on Tuesday. This can be attributed to investor risk aversion strategies dominating trade as the year draws to a close.
Compounding the dampened risk sentiment is continued declination in the commodities market, not least with oil which has dropped below a five-year low. The US Dollar, meanwhile, is generally trending lower against many of its major peers as the result of the hangover from Monday’s disappointing manufacturing activity print. Adding to the Dollar declination was a disappointing US consumer confidence print which failed to meet with the forecast increase.
The US Dollar to Japanese Yen exchange rate is currently trending in the region of 119.7487.
US Dollar Exchange Rate Dips on Manufacturing Activity
Although there wasn’t an immediate impact on the US Dollar after Monday’s data printed poorly, the declination was merely delayed as the ‘Buck’ (USD) softens against nearly all of its major peers. The Dallas Federal Reserve Manufacturing Activity was forecast to drop from 10.5 to 9.0, but the actual result dived to 4.1.
Any large declination has been avoided, however, due to a combination of quiet trade and its safe-haven status. It is also fair to say that the US Dollar is in a historically high position having advanced the most of the majors in the last quarter of 2014.
The US Dollar to Japanese Yen exchange rate has fallen to a low today of 119.7853.
Japanese Yen Exchange Rate Edges Higher on Risk Aversion
As 2014 draws to a close the currency market is quiet and sluggish. General risk aversion strategies have been adopted whilst the commodities market faces yet more turmoil, with particular reference to oil. The Japanese Yen has edged higher versus many of its most traded rivals thanks to its safe-haven status.
US Dollar to Japanese Yen (USD/JPY) Exchange Rate Forecast to Fluctuate
Although data has had little impact during the quiet holiday period, Tuesday afternoon’s US data has the potential to provoke changes. In particular, consumer confidence will be of interest to those invested in the ‘Buck’.
The US Dollar to Japanese Yen exchange rate has climbed to a high today of 120.7362.
