24 Aug 2015
EUR/JPY falls sharply but recovers and holds above 137.00
FXStreet (Córdoba) - The global sell-off in equities boosted the demand for the yen in the currency market. The euro remained resilient and printed multi-month highs versus the euro but against the Japanese currency lost ground.
EUR/JPY moved to the downside during the European session and dropped dramatically an hour ago as USD/JPY collapsed. The euro fell from 138.20 to 135.92 in a few minutes, hitting the lowest level since August 7. Afterwards rebounded, trimming losses.
It rose 170 pips form the lows and it was trading at 137.55, down 0.85% for the day. Price has been able to rise back above last week lows located slightly above 137.00, that has become an important short-term support area.
EUR higher but JPY even stronger
Chinese markets had the worst day since 2007; European stocks indexes are falling more than 5.50% and in Wall Street the Dow Jones is down around 3%. Risk aversion boosted the yen that is the best perform in the forex market. Among European currencies the euro so far is the best and is climbing even against the Swiss franc, that usually outperforms in days like today, when equities collapse.
EUR/JPY moved to the downside during the European session and dropped dramatically an hour ago as USD/JPY collapsed. The euro fell from 138.20 to 135.92 in a few minutes, hitting the lowest level since August 7. Afterwards rebounded, trimming losses.
It rose 170 pips form the lows and it was trading at 137.55, down 0.85% for the day. Price has been able to rise back above last week lows located slightly above 137.00, that has become an important short-term support area.
EUR higher but JPY even stronger
Chinese markets had the worst day since 2007; European stocks indexes are falling more than 5.50% and in Wall Street the Dow Jones is down around 3%. Risk aversion boosted the yen that is the best perform in the forex market. Among European currencies the euro so far is the best and is climbing even against the Swiss franc, that usually outperforms in days like today, when equities collapse.