The JPY finds itself at its highs against the USD and traders and the Japanese government are watching its results with interested and concerned eyes, though not likely for the same reason. The JPY continues to build in strength as traders continue to flock towards its strong trend and the relatively cautious equity markets are yet another reason for its momentum. The JPY at these current levels will not help the Japanese export companies and concerns will be raised about their business tolerance at such values. The AUD gained also as commodity markets and rather solid economic news from Australia helped the currency. Global grain prices have jumped in July due to concerns about the Russian crops and this has helped spur markets. Gold is trading near 1195.00 USD and has quietly climbed away from recent lows.
Written by bforex.com