Corporate foreign exchange news

Foreign exchange news: Yen climbs on risk aversion

Friday, 02 October 2009 10:01:33 GMT

The yen climbed against the euro in Asian foreign exchange trading on Friday (October 2nd), as traders flocked to the low-risk currency.
The movement came ahead of a US report due to be published later today which is expected to show that employers in the country cut jobs for the 21st consecutive month.
Masato Mori, senior manager of the business and marketing department at NTT SmartTrade, a division of Nippon Telegraph & Telephone, said that foreign exchange traders are selling off higher yielding assets such as the New Zealand dollar as uncertainty about the global economic recovery re-emerges.
"Risk aversion is coming back with stocks falling and the US economic outlook remaining iffy. That's helping the yen and the dollar," he explained.
The euro has suffered this week amid speculation that finance officials of the G7 nations will consider ways to curb the appreciation of the currency in order to stimulate growth.ADNFCR-2522-ID-19389764-ADNFCR
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