-- The yen weakened beyond 160 against the dollar, trading near levels that led authorities to intervene to support the currency in April, and raising speculation they may act again.Julian Assange Leaves Court ‘Free Man,’ Ending 14-Year Drama
“Rhetoric from the Ministry of Finance in recent days has signaled increased concern,” said Erik Nelson, macro strategist at Wells Fargo in London. “We would likely need to see a clear break of 160 and an acceleration with bigger daily moves for the MOF to take action,” he said, adding that Japanese authorities may wait for the yen to slide to 165 or above to enter the market.
“Given quarter-end dollar demand and the fact that the volatility environment remains contained, Japanese authorities might wait a bit more before intervening once again,” said Roberto Cobo Garcia, head of G-10 FX strategy at Banco Bilbao Vizcaya Argentaria SA in Madrid. “Volatility needs to rise more if they are to step in again.
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