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Monday, December 5, 2011

USD/JPY Forecast today December 06 2011

USD/JPY Forecast today December 06 2011 : he Japanese yen showed strength against its major counterparts in early Asian deals on Tuesday. As of now, the yen is trading at a 1-week high of 84.27 against the franc, 6-day high of 103.94 against the euro and 5-day highs of 77.69 against the US dollar and 76.26 against the Canadian dollar.

The yen is presently worth 79.59 against the Australian dollar and 60.50 against the New Zealand dollar.

The USD/JPY pair retreated with the beginning of the week after it reached its highest level in four weeks during last week. The Japanese currency is trying to gains some momentum against the dollar after its lost ground against other major.

The euro and other major currencies advanced against the yen, as the new Italian prime minister announced a plan to cut the nation’s debt where the cabinet approved the 30 billion euros austerity and growth measures and now going to the parliament.

The new Italian plan helped risk appetite to control the FX market, and pushed the European currencies to advance against the dollar and the yen, as demand increased for higher-yielding currencies.

On the other hand, the U.S. unemployment rate retreated to 8.6% during November, which is better than the previous and the expected reading of 9.0%. Where the optimistic data fueled the risk appetite and forced the dollar to dropped against most of its major counterparts.

Both economies will not release any fundamentals on Tuesday, where the pair’s movements will depend on the market sentiment. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today

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