Yen surges as Carry Trades unwind |
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The Yen surged to its highest level in over a year against the Euro as investors unwound positions in higher yielding currencies. Pessimism over the global economy has caused increased selling of assets that give high returns. So called carry traders have pulled out of their positions as global stock markets have dipped, pushing the Yen higher. After the Euro fell 3.6% against the Yen on Thursday, the EUR/JPY hit a 13 month low Friday. Yesterday’s drop was the largest one day drop since the
Filed under: Technical
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