The Japanese yen keeps surging — here’s what’s happening in FX

source
Investing.com

Good afternoon!

The Japanese yen is still going strong, and is now up by 0.7% at 108.75 per dollar.

This follows Wednesday’s surge when the currency saw its biggest gain in over a month.

The yen has been strengthening on the heels of Prime Minister Shinzo Abe’s announcement that he will delay the sales tax, which some analysts interpreted as a sign that the central bank will hold off on adding monetary stimulus.

As for the rest of the world, here’s the scoreboard as of 12:01 p.m.:

    Petro-currencies are weaker after OPEC (unsurprisingly) failed to cap production. TheRussian rubleis down 0.2% at 67.2400 per dollar, the Norwegian kroneis down by 0.4% at 8.3378 per dollar, and theMexican pesois down by 0.5% at 18.6116 per dollar.The eurois off by 0.3% at 1.1157 against the dollar after the ECB announced it left its deposit rate unchanged at -0.40%, as was expected. The South Korean wonended strong by 0.5% at 1186.60 per dollar after the economy posted 0.5% quarter-over-quarter growth, which was above economists’ expectations of 0.4% growth. On the negative side, however, this is the second consecutive quarter that growth has slowed.TheUS dollar indexis virtually unchanged at 95.47 after ADP private payrolls climbed as expected and initial jobless claims unexpectedly ticked down slightly. But the big news will come on Friday’s jobs report – the latest jobs report before the Federal Reserve’s policy meeting from June 14-15.