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JPY Remains Weak

ForexYard \ 5:38 AM EDT \ February 21st, 2012
ForexYard
The Greek bailout package is certainly dominating the news today, however, there is other news around the market. The USD has continued its strong stance against the JPY. Going into this afternoon the USD/JPY is trading at 79.64. This can be attributed primarily to the Bank of Japan’s decision to inject a large amount of capital into its economy last week, purposefully driving down the value of the yen. While the Japanese yen was not able to stay strong against the greenback, the Australian dollar did rally against the USD and is remaining strong as of this afternoon. The AUD is hovering right around $1.07. This afternoon, expect to see more developments regarding the euro. Additionally, there will be news out of the UK regarding its public sector net borrowing figures.

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