Japanese Yen depreciated by 0.59 percent in yesterday’s trading session on the back of strong dollar. However, sharp downside was prevented as demand for safe haven increased on rise in risk aversion in the domestic market and concern over political uncertainty in Europe. In intraday Yen touched a low of 112.57 and closed at 112.37 against Dollar.
Yen is expected to trade with positive bias as demand for safe haven may increase on political uncertainty in Europe ahead of Dutch election in March, French Election in April and German in September. Further, Bank of Japan kept its monetary policy unchanged and upgraded its growth forecasts.
Investors fear that the disappointing data’s may prompt US Federal Reserve to be less aggressive this year in raising rates. Demand for safe haven may increase as US President Donald Trump led fresh sanction on Iran and on fear that US President Donald Trump could shake market by taking aggressive step on trade policies.
However, sharp gain may be prevented on divergence in monetary policy and strong dollar. JPYINR Feb expected to trade in a range between 59.75 on lower side and 60.60 on higher side with upward trend.
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