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| JPY Back and Forth Against USD Posted: 21 Mar 2012 09:04 AM PDT
The Japanese yen was up and down on Wednesday against the USD. The beginning of Wednesday saw the yen making gains against the greenback but as the day moved on the dollar eventually came out on top. Towards the end of the afternoon, the yen was trading at 83.83 against the dollar. A combination of mixed news from the U.S. as well as continued uncertainty regarding where the yen will move is contributing to the back and forth behavior of the USD/JPY. The U.S. has recently released various reports indicating strength in the economic recovery underway but yesterday’s home sales figures were a disappointment to many. Meanwhile, the yen continues to trade well above the 80.00 mark as investors express their uncertainty as to which way the Japanese economy and, subsequently, the currency will move. |
| Posted: 21 Mar 2012 09:03 AM PDT
Crude oil made modest gains on Wednesday as a combination of various events around the market put things in a stand still for oil. For most of Wednesday crude oil didn’t make many moves one way or the other but seemed to take advantage of possible nervous sentiment regarding U.S. home sales numbers being released later in the day. Towards the end of the afternoon crude oil stayed close to the 106.22 mark, indicating a mild jump from Tuesday’s high point. Following the release of the U.S. home sales figures investors turned bearish on the dollar due to the lackluster numbers. In other news, the U.S. Department of Energy indicated the level of crude oil reserves has increased by 2 million barrels as of last week. The combination of these developments could lead to the possibility that crude oil will continue to hover around its current position. |
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