Yen advances against rivals as investors seek safety.
The yen added 0.3 per cent to reach 82.95 per dollar this morning and strengthened 0.2 per cent to hit 110.58 per euro, while the 17-nation currency grew by 0.1 per cent to $1.3330 after climbing to a peak of $1.3386 yesterday.Forex traders
retreated to the relative security of the yen as investors moved towards refuge assets today (March 28th), while the euro hit a one-month high against the dollar.
European finance ministers are expected to enhance the continent's firewall against any further debt contingency, bolstering confidence on the continent, Reuters reports.
Furthermore, the prospect of further easing from the US Federal Reserve has injected some positivity in the trading climate.
"If the stock market were to come under further pressure, then you'll likely see the Australian dollar down against the yen, [and the] euro down against the yen," said Lee Wai Tuck, a currency strategist at Forecast Pte in Singapore.
Italian prime minister Mario Monti recently suggested at a conference in Tokyo that the European economy's problems are coming to an end.Posted by Greg Secker
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