Uncertainty is growing in global markets, and that is prompting risk aversion. The US dollar is higher in response, sought as a safe haven.
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Japanese yen is gaining against its major counterparts today, rising as Forex traders seek some sort of safe haven and stability in the wake of the latest news out of China. Concerns about global growth are very real, and yen is also getting a boost as concerns about the economic growth in other regions are in doubt.
In earlier trading, UK pound fell against the US dollar on Greek worries and the expectation of poor PMI data. Now, though, things are turning around and the sterling has the upper hand.
Euro is heading lower — again — on the Forex market today. Concerns about the eurozone are weighing on the 17-nation currency, and general risk appetite is causing traders to favor the US dollar today.
Risk aversion is helping the US dollar today in Forex trading, providing a boost as concerns about the eurozone once again become prominent in the financial markets. Forex traders are looking for some safety and stability, and they are turning to the greenback to get it
Right now, Forex traders are looking for yields as better economic data takes center stage. Aussie has overcome earlier losses to trade high against most major currencies.
Japanese yen is mostly lower today, thanks in large part to the asset buying program from the Bank of Japan from earlier this month. Stocks have been bolstered by the easing in Japan and Europe, and that has reduced the need for safe haven, sending the yen lower.
Euro is struggling today, especially against the US dollar. The Long-Term Refinancing Operation offered more money than expected, and that has many wondering about the stability of the European banking system.
US dollar is mixed today after encouraging GDP data was released. The latest numbers for the fourth quarter of 2011 indicate that the US economy grew 3%, which is better than the 2.8% pace originally reported.
Canadian dollar is clinging to gains, struggling to retain the upper hand as risk aversion begins to creep into the picture. Loonie is slightly higher against the US dollar, as well as against the UK pound and the euro.