US Dollar Makes New Low against the Japanese Yen

The US dollar weakened on Friday versus its major counterparts and made its new low against the Japanese Yen. Disappointing US economic indicators made heavy negative impact on stock markets and bond yields and further raised speculation that whether the US Federal Reserve will opt for another round of quantitative easing to boost the economy.

Senior currency strategist, Ron Leven from Morgan Stanley commented, “The main thing driving the dollar’s weakness is growing anticipation that the Fed is going to embark on another round of quantitative easing.”

The dollar index DXY which measures the greenback’s performance against its major six rival currencies declined to 74.008 on Friday as compared to 74.216 on Thursday’s North American trading session. The index touched the intra-day low of 73.617. The dollar index has declined 0.8 percent for the current week while is down 6.4 for the current year.

The euro gained to 1.4389 versus the US dollar on Friday as compared to 1.4331 on Thursday’s late trading hours. The euro has gained 1 percent for the current week while for the year till date it has declined 7.5 percent against the US dollar.

The Japanese Yen made its new high against the US dollar as the Japanese unit benefits the most in reaction of weakening greenback. The US dollar plunged to 76.39 against the Japanese yen as compared to 76.56 on late Thursday. The pair USD/JPY touched the record low of 75.94. For the week US dollar is down by 0.3 percent against the yen while is down 5.7 percent for the year till date.

Against the British Pound, the US dollar dropped to 1.6482 on Friday as compared to 1.6508 on last Thursday.

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