Market Overview

Yen Shakes Off Trade Deficit Data

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The Japanese yen added some value against other major currencies in spite of Japan running a trade deficit in April. According to government data, Japan imported ¥463.698 billion worth of goods more than it exported. April's exports declined 12.5% year-over-year, while imports rose 8.9%. Analysts anticipated Japan will run a trade deficit, as its economy is still being hit by the effects of earthquake and tsunami. The Japanese currency, however, managed to add some value against the euro and the U.S. dollar. At the moment, the U.S. dollar is trading at ¥81.82, or 0.171% below yesterday's close, while the euro is worth ¥114.82, or 0.663% less than yesterday.

Traders who believe the yen will continue to rise against its European and American rivals will be interested in the WisdomTree Dreyfus Japanese Yen (NYSE: JYF), the iPath JPY/USD Exchange Rate ETN (NYSE: JYN) and the Ultra Yen ProShares (NYSE: YCL).

Posted-In: News Forex Economics Markets ETFs

 

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