Japanese Yen Appreciates against US Dollar as Economic Recovery in US becomes Uncertain

Today Japanese Yen appreciates against USD after the Federal Reserve announces in its policy meeting that the economic conditions are not much supportive for economic recovery. This has increased the demand for Japanese Yen as it seems to be safer.

The Japanese Yen gained to 89.62 per dollar from 89.84 per dollar.

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United States Politicizing Yuan Revaluation – China Says

The Chinese Foreign Ministry Spoke person Qin Gang said that politicizing the issue of Yuan revaluation would not help to solve US economic distress.

The statement came as there is continuous pressure being put on President Barack  Obama by the Law Makers in US to keep pressurizing China to revalue its currency. As per US Law makers the Chinese currency is undervalued & is giving undue benefit to Chinese Producers due to weak currency & there should be additional tarrif levied on imports to even out this advantage. 

Downtrend in Euro Against USD Continued due to Concerns over Europe Spending Cuts

The downtrend in Euro against US Dollar continued today due to projected cuts in spending & high amount of write downs by the European banks. The Euro fell to $1.2240 from $1.2306 against Dollar. It is feared that due to increasing losses will obstruct the economic recovery of European region. According to analyst in long run EUR may be very valuable but the short term market sentiment is very negative. Rising unemployment rate in Italy is the major contributor to the negative sentiment towards Euro. Italy is one of the biggest economies in Europe. The debt crisis in Europe has kept the underlying sentiment bearish.

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