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Yen Gains on U.S. Job Losses

November 6, 2009 at 18:11 by Jan Baros

Japanese yenDemand for safety rose towards the end of this week’s session as U.S. payrolls were cut beyond analysts expectations, suggesting that the economic recovery in North America will take longer than previously imagined by economists.

Both the United States and Canada surprised traders posting worse than expected unemployment figures, shifting confidence in markets and attracting traders towards the safety of the Japanese currency, making the yen to gain versus the Swiss Franc, emergent market currencies and higher-yielding options like the Australian dollar.

CHF/JPY traded at 88.36 as of 16:07 GMT from a previous rate of 89.25 in the intraday.

If you have any questions, comments or opinions regarding the Japanese Yen, feel free to post them using the commentary form below.

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