The Japanese yen continued its decline yesterday off the back of Monday’s poor performance. Global stock markets performed well, specifically the American Dow Jones, which rallied to record highs. As a result, we saw a demand for riskier assets increase. This was further bad news for the traditionally safe-haven yen, which took a hit on Monday following significant below-forecast current account figures. Thursday’s speech from the Governor of the Reserve Bank of Japan will be of interest, as policy makers may look to beef up monetary policies in an attempt to stimulate the economy.
The Australian dollar and South African rand fared well yesterday in response to the stock market rally in the States, with strong figures being good news for the export-reliant economies. Overnight last night we had retail sales data from New Zealand, and looking forward to today there are economic health figures out of Switzerland.
Looking to buy or sell currencies? Contact your trader now for live rates, news and currency-purchasing strategies.