Japanese yen goes up as traders stay cautious

Japanese yen goes up as traders stay cautious

On Friday, the Japanese yen managed to go up due to the fact that market participants looked for protection against volatile stock moves. Meanwhile, the evergreen buck went down because shares surged after a dramatic week capped by huge price moves.

As a matter of fact, the benchmark S&P 500 tested its 20-month minimum and found itself at the brink of bear market territory prior to the three key indexes roared back with their most impressive daily ascend for almost a decade on Wednesday as well as a late leap on Thursday.

Japan’s currency went up notwithstanding higher equities, soft domestic as well as a tumble in benchmark Japanese bond gains that rebounded to negative territory for the first time for more than a year.

The Japanese yen last rallied by 0.66% versus the evergreen buck hitting 110.26 yen. Additionally, another safe-haven currency, the Swiss franc managed to gain too, soaring by about 0.82% being worth 0.9794.

As some experts pointed out, financial markets are currently cautious on risk appetite, with the Swiss franc and the Japanese yen.

Estimating the US dollar’s purchasing power in contrast with its main rivals the USD index headed south by 0.22% trading at 96.265.

The evergreen buck has been affected for recent weeks by surging hopes that the major US bank will cease its tightening cycle sooner than anticipated, or risk affecting the American economy with further interest rate hikes.

Besides this, a partial shutdown of the American cabinet, a trade conflict between China and the United States, not to mention complications having to do with Britain’s exit from the EU also make investors be cautious.

Both chambers of the American legislative body convened for only several minutes on Thursday, although took no steps to conclude the partial federal government shutdown prior to adjourning until next week.

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