Yen drops as risk sentiment recovers

Yen drops as risk sentiment recovers

On Wednesday, the Japanese yen declined, staying under pressure as risk sentiment improved and safe haven demand sagged, following the first round of the French presidential election.

The greenback grew 0.2%, hitting 111.30 yen. The major American currency contributed to the hefty revenues made on Tuesday, when it soared 1.2%, the greenback’s biggest one-day soar against the Japanese yen in three months.

Reduced worries over the French presidential elections along with upbeat American home sales data as well as optimism as for an expected tax reform announcement on Wednesday by Donald Trump, backed the greenback against the Japanese yen.

Due to the global bullish sentiment, the Nasdaq Composite reached a record peak on Tuesday. As for  the Dow Jones Industrial Average as well as S&P 500 brushed against recent highs, powered by strong corporate earnings.

The common currency soared 0.1%, hitting $1.0938. 

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