Safe-Haven Yen Rises against the Dollar
Safe-Haven Yen Rises against the Dollar (Reuters)
The yen’s liquidity makes it an attractive safe-haven currency for investors. Indeed, the dollar fell today 0.1%, to 98.44 yen. Overall trading volume was low due to holidays in Japan and the United States. “The seemingly once-dismissed threat of a U.S. default is very much alive,” said Christopher Vecchio, currency analyst at FXCM-owned DailyFX.co. “The re-introduced tension has the Japanese yen reviving its role as safe-haven du jour,” hurting the dollar’s value.