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Forex: Yen hits seven-week highs


The yen hits a seven-week high against the dollar in the Forex market. This thanks to the doubt of the traders regarding the American currency.

This performance of the dollar does not surprise traders, as it was expected that despite the good data from the FED, the dollar would not have such a sudden recovery. Far from it there would be a rapid recovery of the economy in the United States.

The yen hits highs against the dollar

It is not news to traders that the Nippon country achieved a rapid economic recovery, overcoming the coronavirus crisis.

And although the virus continues to be a problem of global relevance, countries like Japan have managed to balance the rhythm of their society, adapting. Therefore, it reached a maximum, against the dollar and other currency baskets.

Furthermore, the yen also rose to its highest level since the end of July against the euro. However, it came out of its peak after the euro reversed gains against the dollar, after the ECB also released economic figures for the region.

It is worth mentioning that the set of US economic data on Thursday once again loaded the market with uncertainty.

Well, the numbers of unemployment claims in the United States remained high at 860,000. While both housing construction and the Philadelphia Fed business index fell again in September, this according to Reuters data.

Yen price to date

At the time of writing, the yen is trading with its peer to the dollar at 104.58, the dollar falling against the Japanese currency by 0.10% in the Forex market, before the market closes for this weekend.

The yen hits 7-week highs against the dollar in the Forex market. Source: SimpleFX

In the case of the dollar index, at the time of writing it was trading at 93.01 points against its most competitive currency pairs.

However, the outlook for the global economy is beginning to tread down an uncertain path, now that vaccine advances are being published. This could trigger future changes in the Forex market.

What are your opinions on the possible projections of the Forex market, now that the vaccine for COVID-19 seems to be moving forward?

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