Back
15 Feb 2013
Forex: USD/JPY soars on G20 draft, US data
The Japanese yen weakened, sending USD/JPY to fresh highs amid headlines of a leaked draft of the G20 statement, which makes no mention of a commitment not to target FX rates. G20 just wants to avoid excessive FX volatility, disorderly movements.
USD/JPY jumped over 50 pips after the statement and extended gains also propelled by much better than expected US manufacturing data. At time of writing, the cross is trading at the 93.45 area, where it prints a 0.6% daily gain, having reached a high of 93.47.
USD/JPY jumped over 50 pips after the statement and extended gains also propelled by much better than expected US manufacturing data. At time of writing, the cross is trading at the 93.45 area, where it prints a 0.6% daily gain, having reached a high of 93.47.