The yen held onto hefty gains early on Thursday, having posted its biggest one-day rally against the greenback this year as investors unwound short positions amid a slump in global equities triggered by panic selling in Chinese stocks.
The dollar tumbled 1.5 percent on the yen on Wednesday, suffering its biggest drop since December. It fell as far as 120.410 yen, before steadying at 120.690.
The euro skidded to a six-week low of 133.315 yen, while the New Zealand dollar slumped to a 20-month trough of 80.62 yen. Both currencies have since recovered just a bit of ground to stand at 133.720 and 81.07 in early Asian trade.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015