Yen Weakens From 3-Week High on Reduced Haven Demand
The yen weakened for a second day against the dollar as easing tensions in Ukraine reduced demand for the currency as a haven.
The euro fell toward the lowest since November versus the greenback before data this week that may show investor confidence in Germany dropped and growth in the region slowed.
“There’s no real reason why the yen should be strong apart from risk aversion,” said Thomas Averill, a managing director in Sydney at Rochford Capital, a currency and rates risk-management company.
“The weakness in the yen is the same reason why you have seen a pickup in the stock market,” Rochford Capital’s Averill said.
Source: Bloomberg
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