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Japanese Yen Extends Rally as Traders Brace for Super Thursday

June 7, 2017 at 8:14 by Vladimir Vyun

Many 10,000-yen notesThere will be several important events tomorrow, prompting market participants to call the day Super Thursday. With no way to know the outcome of those events, traders preferred to buy safe assets. That allowed the Japanese yen to extend yesterday’s rally, though the currency was rising with slower pace.

Tomorrow, markets will see three key events: the testimony of former FBI chief James Comey, the general election in Great Britain, and the monetary policy meeting of the European Central Bank. While the ECB announcement is the least likely to disrupt markets, other two events carry substantial risks. That made investors want to park money in a safe spot, and the yen provided such safety.

USD/JPY fell from 109.38 to 109.28 as of 8:12 GMT today, retreating from the daily high of 109.62. EUR/JPY declined from 123.34 to 123.05.

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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