FX: Yen Drops on Signs of Stronger Global Recovery
The Yen declined close to its lowest level in almost two weeks against the EUR as signs of a stronger global economic recovery and speculation Greece won't need a European Union bailout boosted demand for riskier investments. The Yen is at 124.34 per EUR in today's early trading from 124.12 in New York yesterday, when it reached 124.48, the weakest since Feb. 4. The Yen fell versus 15 of its 16 major counterparts ahead of reports today that are expected to show a decline in U.K. jobless claims for a third consecutive as well as improvement in U.S industrial production. Japan's currency is at 90.32 per USD from 90.14. With no news expected from Japan today, the Yen's direction will likely be set by today's news releases from Europe and U.S.
