Go Finance Reporting in NEW YORK - The Japanese yen exchange rate rose above the U.S. dollar (U.S.). Market participants appeared to start to return to Japan after switching to other instruments because of rising concerns about Japan's potential nuclear disaster
Value of the dollar slipped to 80.78 yen about 81.65 from the previous position. While the European single currency, the euro edged up to 1.3996 per USD from the previous 1.3985 per USD, while safe-haven currency, the Swiss franc surged to a record high.
"sharp rally that occurred in the Japanese yen due to market participants view the risk due to reduced nuclear. It was the biggest driver of currency movements," said Kathy Lien from GFT as quoted by AFP.
Lien said that positive comments from Federal Reserve has helped to reduce the indiscriminate selling of a number of instruments, especially in the U.S. stock market.
The Fed keeps interest rates low and ultra-said funds amounting to $ 600 billion stimulus has been successful for a reduction of unemployment, sustaining consumption, and spur business optimism.
"Economic recovery has a strong foundation, and the overall condition of the labor market seems to be increased gradually," says Committee of the Fed in a statement. (GoFinance)
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