Yen Exchange Rate Recovers as the US Dollar Declines

On Friday, the yen exchange rate recovered from its consecutive lows as the US dollar set off for another loss.

Accordingly, the USD/JPY pair edged up to 0.17% to $109.90. 

Likewise, the EUR/JPY pair climbed 0.19% to $129.98.

The GBP/JPY also improved 0.54% to $152.59.

Similarly, the AUD/JPY pair increased 0.30% to $81.08.

Moreover, Japan prolonged its state of emergency in 19 areas, including Tokyo and Osaka.

Accordingly, the country extends the coronavirus emergency until September 30, which intends to curb the cases. 

If the number of new infections continues to fall, the Japanese government will gradually ease its health restrictions. 

Subsequently, the announcement of the prolonged regulations followed the resignation of Prime Minister Suga last week.

Whereas the surge of coronavirus cases in the country significantly dropped his public support.

On September 15, Japan’s August exports and imports data will be released.

The exports are estimated to decline 34.00% year-on-year from the previous rate of 37.00% in July. 

Consequently, imports posted a forecast of 40.0% year-on-year from last month’s data of 28.50%.

Meanwhile, the US dollar index, which tracks the greenback from other major currencies, plunged 0.13% to $92.36 per share. 

Last Thursday, the initial jobless claims declined 310,000 from the previous number of 345,000. 

Meanwhile, the dollars to euro was unchanged to $1.18, which is on course for a 0.47% loss this week.

Moreover, the European Central Bank announced to cut its emergency bond purchases in the next quarter. 

Analysts forecasted that the bond purchases would decline between the range of $70.95 billion and $82.78 from the previous $94.60 billion. 

CHF Currency Plummets as Yen Strengthens

Furthermore, the CHF currency plummeted as the yen exchange rate strengthened.

Consequently, the CHF currency dropped 0.19% to $0.92.

The loss followed the sharp plunge of 0.56% to $0.92 yesterday. 

The Swiss National Bank mentioned that the CHF currency remained strong, even after recent lows.

In addition, the SNB noted that it could adjust the size of its balance sheet if needed.

Meanwhile, the AUD to USD exchange rate jumped 0.59% to $0.74.

Similarly, the GBP/USD pair soared 0.31% to $1.39.

Then, the NZD/USD pair climbed 0.69% to $0.72.

Meanwhile, the USD/CAD pair fell 0.55% to $1.26.

Also, the USD/MXN pair dropped 0.19% to $19.88.

Likewise, the USD/SGD pair tumbled 0.34% to $1.34.

Furthermore, the USD/HKG pair plunged 0.03% to $7.78.