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Yen strengthens against majors

FXStreet (Mumbai) - The Japanese Yen is trading strong against most of the major currencies except the New Zealand Dollar, tracking weakness in the US Treasury yields and a fall in equity markets across globe.

The Yen traded 0.20% higher against most of the major currencies except NZD, which strengthened 0.46% at the time of writing. The USD/JPY pair declined to 116.05 levels from the day’s high of 117.06 tracking a weakness in the ten-year treasury yields.

Moreover, the Treasury yields declined after the official data in Japan showed the economy fell into a recession during the third quarter. Gross domestic product (GDP) fell at an annualized 1.6% from July to September, compared to forecasts of a 2.1% rise. The Yen was also supported by the weakness in the Asian as well as the European equity markets. The S&P futures also traded 0.37% lower at the time of writing.

Meanwhile, the NZD clocked a two-and-a-half week high of 0.7975 against the USD today, which helped the Kiwi gain strength against the Yen.

Italy Global Trade Balance registered at €2.014B, below expectations (€2.68B) in September

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