Arab Today, arab today us dollar tops ¥120 to strike 7year high
Last Updated : GMT 02:29:59
Arab Today, arab today
Arab Today, arab today

US dollar tops ¥120 to strike 7-year high

Arab Today, arab today

Arab Today, arab today US dollar tops ¥120 to strike 7-year high

US dollar
London - AFP

The dollar rose Thursday above 120 yen for the first time in more than seven years, boosted by US economic optimism while Japanese stimulus weighed heavily on the yen.
At about 1420 GMT, the US currency climbed to 120.17 yen, its highest level since July 26, 2007, before easing back to stand at 119.90 yen.
"It’s unsurprising ... that the dollar has breached the 120 mark against the yen today," Spreadex trader Connor Campbell told AFP.
"Bar a few wobbles, like an oil-inspired dip last week, the dollar has been incredibly strong since the dual boost of the Bank of Japan (BoJ) beginning QE (quantitative easing) just as the US Federal Reserve announced it was ending its similar programme."
He added: "Combine this with the uncertainty for any currency approaching an election, and a perfect storm was created, a storm that the dollar took full advantage of."
At the same time, the dollar has also benefited from growing confidence in the strength of the US economic recovery.
Forex.com analyst Fawad Razaqzada predicted the greenback could surge even higher, given the policy divergence between the US and Japanese central banks.
"The dollar/yen could go further higher once profit-taking around the key 120 level fades," he told AFP.
"With the BoJ continuing to loosen policy and the Fed tightening, I would not be surprised if it were to reach the 2007 peak of around 124 before the year-end."
The BoJ surprised global financial markets on October 31 by announcing it would inflate its asset-buying plan by up to 80 trillion yen ($676 billion) annually.
The decision, which came days after the Federal Reserve wound down its own stimulus, subsequently sent the yen plunging to a series of multi-year lows against both the dollar and euro.
"The question is not what is pushing the dollar towards and beyond the 120 yen barrier -- but why it hasn’t gone through this level sooner," added analyst Rebecca O'Keeffe at online brokerage Interactive Investor.
"The end of QE in the US, combined with the vast quantity of money that the Bank of Japan continues to pump into the market, has made the yen a one-way bet and there appears little to prevent it from weakening further."

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us dollar tops ¥120 to strike 7year high Arab Today, arab today us dollar tops ¥120 to strike 7year high

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us dollar tops ¥120 to strike 7year high Arab Today, arab today us dollar tops ¥120 to strike 7year high

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Taxi! Transport gets an overhaul

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Turkey warns of 'security' steps

GMT 12:17 2017 Sunday ,24 September

Turkey warns of 'security' steps
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:11 2017 Saturday ,23 September

Doctor provides advices to families

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday