Euro falls and Yen rises
1 min read
Currency and stock markets have been fickle this month, as dire economic indicators and concerns about U.S.-China tensions have held optimism about lifting COVID-19 lockdowns in check.
On Wednesday, yen gained a three-year high against the euro and a seven-week peak on the dollar. It was due to a court decision challenging German participation in Europe’s stimulus program and worries about a bumpy global recovery spooked investors.
Currency and stock markets have been fickle this month, as dire economic indicators and concerns about U.S.-China tensions have held optimism about lifting COVID-19 lockdowns in check.
“The yen has been the pick of the major currencies since the crisis started, and that should continue,” Kit Juckes, head of FX strategy at Societe Generale, said in a note.
The yen gained almost half a percent on the Australian dollar to 68.25 yen and is close to a three-week high. The Aussie and kiwi slipped slightly on the greenback, though held above 64 cents and 60 cents respectively.
The Aussie last sat at $0.6422 and the New Zealand dollar at $0.6044. The pound was steady at $1.2431.
