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>> JAPANESE YEN Latest News

MAY 03, 2013 - Zero Hedge

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Overreaction Corrected, Fresh Look after US Jobs

With Japanese markets closed for a 4-day weekend, it was up to Europe to correct the overreaction to Draghi's comments yesterday. And correct they did, lifting the euro nearly a cent to almost $1.3140. Sterling was helped by a stronger than expected CIPS service PMI and approached $1.5560 after dipping below $1.5500 yesterday. The greenback is holding on to the lion's share of yesterday's gains, but the yen is largely sidelined. The Australian dollar has stabilized as well, despite increased speculation of a rate cut next week (OIS ~60% chance) after a dismal service sector report. Of note, ... Read More

Tags: Overreaction Corrected, Fresh Look after US Jobs,  Japanese Yen Latest News