Yen gains on carry trade speculation

The yen gained on the US dollar and the euro after the US Labor Department reported that 542,000 individuals filed for first-time unemployment compensation last week, the most in 16 years.

The yen also strengthened versus the Australian dollar and the South African rand on the likelihood that investors will abandon risky currency trades.

At noon in New York, the yen traded at ¥94.885 to the US dollar while it was at ¥118.8387 to the euro, at ¥58.7291 to the Australian dollar and at ¥8.8953 to the rand.

The US dollar traded at $1.2525 to the euro to decline in relation to the shared currency.

The pound, however, declined versus the greenback, the euro and the yen after a report showing that retail sales in the UK were down.

The pound traded at 84.69p to the euro at midday in New York while it cost $1.4789 or ¥140.3296 to buy a pound.

Story link: Yen gains on carry trade speculation