Japanese yen is mixed in forex trading today as traders look for direction. Earlier, yen was higher against its counterparts, but now the currency seems to be pulling back — at least against the US dollar and the Great Britain pound. Yen still remains slightly higher than the euro.
The financial markets continue to fluctuate between confidence and uncertainty. With some signs of economic improvement, there is a measure of confidence. On the other hand, though, improvements aren’t as solid as expected, and there are a number of uncertainties ahead. Earlier, yen was higher across the board, but now the dollar and the pound of erased their losses.
Euro, however, is still struggling against the yen. With elections coming up in France and Greece this weekend, there is a lot of uncertainty about what’s next for the eurozone. Nicolas Sarkozy could very well lose in France, and that could change the entire dynamic of the eurozone and the eurozone bailout situation. Additionally, a government change in Greece could change the effectiveness of the bailout package — and whether or not the country sticks with it.
It’s no wonder that there is still life in the yen; Forex traders may need something stable for now.
At 12:49 GMT USD/JPY is slipping to 80.1610 from the open at 80.1820. EUR/JPY is down to 105.3025 from the open at 105.4670. GBP/JPY is up to 129.7375 from the open at 120.7250.
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