Excerpt from: Forex News
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| October 22, 2008 | | Yen one of the few currencies to best U.S. dollar in forex trading | Right now, the Japanese yen is one of the top performers on the FX market. In fact, it is doing so well that it one of the few currencies that is managing to stand up to the U.S. dollar rally in forex trading.
One of the main factors contributing to the yen's gains in currency trading has to do with the increased risk aversion on the market. Investors are worried about the volatility in the stock market, and they are turning to safer assets.
On the FX market, that means turning away from the risky carry trade. As the carry trade unwinds, the Japanese yen gains in currency trading. Action Forex reports on the yen in forex trading:
JPY remains the outperformer, as risk aversion surges anew and Japans
remote positioning from the banking crisis highlights the outflows.
USDJPY prolonged its sell-off to a 10-day low of 98.33 yen. | Topic Tags: carry trade, currencies forex trading, currency trading FX market, Japanese yen currency trading, Japanese yen FX market, U.S. dollar forex trading, yen forex trading | |
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