Japanese Yen exchange rate. The Yen is a historically low-yielding currency, making an attractive vehicle to fund carry trades where traders borrow cheaply in JPY to buy higher-yielding currencies, including EUR. Investors tend to favor carry trades at times of optimism about global economic performance and stability; they shun them at times of market stress.
The pair may likewise find volatility in news-flow related to the Eurozone debt crisis as well the extraordinary anti-deflation policy efforts from the Bank of Japan introduced in Coming off of a string of much stronger than expected Euro-Zone PMI data, the Euro has few obstacles in its way on the calendar to continue its push higher.
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