Yen recoups earlier losses against USD
- Last Updated on 09 February 2012
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The Japanese yen was able to bounce back against the US dollar during yesterday's trading session. The USD/JPY pair shot up earlier in the week, following news that Japan had logged its first trade deficit in over 30-years. That news was overshadowed by the US Federal Reserve Decision to maintain the current, near-zero interest rates for at least the next two years. The USD/JPY pair dropped close to 80 pips during the European trading session.
Today, the US Advance GDP figure is likely to dictate the direction the USD/JPY will take, with a positive figure likely to boost the dollar to close out the week. Against the euro, the yen may see downward movement if further positive news regarding Greece's debt swap is released.