The opening of the US session of the global currency market on Friday saw losses for three of the eight major currencies traded on the forex market as investors awaited the release of very important US labor market data.
At the beginning of the session, the Japanese yen opened trading, suffering the largest losses among the major currencies, followed by the Australian dollar in second place, followed by the Canadian dollar, suffering the smallest losses among the three currencies.
The rates of decline of those losing currencies ranged from 0.24% to 2.42%, and the following is a detail of the most prominent factors that influenced the movements of each of the three currencies today and prompted them to incur those losses:
The series of losses of the Japanese yen in the currency market continued during today’s session, despite the intervention of the Bank of Japan to support it last Tuesday, as downward pressure continued on it after the yen bears led the moves on it, and overcame the impact of the intervention of the Bank of Japan, amid the continued strength of the dollar to support the selling operations on the Japanese currency in favor of its American counterpart, and the Japanese yen witnessed a clear deepening of its losses after that, against the backdrop of very strong employment market data released today in the United States.
The Japanese yen opened the US session of the currency market on Friday, suffering sharp losses, which were the highest among the losses of major currencies, falling by about 2.42% against the rest of its counterparts from other major currencies, in light of the failure of the continuation of the Bank of Japan’s easing policy and successive assurances on supporting the economy by the bank’s members and governor to give the Japanese yen the necessary support, despite the strong risk aversion in the currency market, which would have provided significant support to the yen – which is one of the safe havens in the currency market – as usual.