Yen Rises, Dollar Remains Steady

Yen Rises, Dollar Remains Steady The yen rises, the US dollar remains steady. Following the demand for safe assets due to the epidemic. While the demand for assets, triggered by the increasing number of cases in Europe and the USA, raised the yen, the dollar did not change. Yen gained value against all of the G-10 coins as coronavirus cases resumed worldwide and affected the demand for safe assets in the US due to stimulus package uncertainty. The yen was recorded as the only currency among the G-10 coins that gained value against the dollar. The coronavirus outbreak continues to spread in the Midwestern states of the USA. The UK government has increased restrictions in London due to the increase in incidents, and France is preparing for a curfew in Paris. "Diminishing hopes for a fiscal incentive to come in the US ahead of the election and the disappointing balance sheets of some US banks put pressure on investor confidence and the dollar" said David Forrester, CIB Currency strategist at Credit Agricole in Hong Kong. Dollar / yen parity traded at 105.23 level with a loss of 0.2 percent. The pair's weekly loss was 0.4 percent. Forrester said "The pressure of the wave of Kovid-19 infection on the euro is also supporting it." The Bloomberg Dollar Spot Index (BBDXY), which measures the value of the dollar against important currencies, did not change much. The indicator index headed for a weekly gain of 0.8 percent. The Australian Dollar / US Dollar parity traded at 0.7073 with a 0.3 percent loss. The pair has dropped 2.3 percent this week. Australian Central Bank (RBA) Governor Philip Lowe signaled on Thursday that the bank is considering its long-term Treasury bond purchase, according to Forrester.