Investors concerned about Ukraine, Greece as Yen raises
After going down for two days, Yen is now raising. Economic data from Ukraine and Greece is missing, causing investors to fret.
According to Reuters, Yen started advancing against euro and dollar on Monday as investors decided to stay safe with Yen as the future of Greece and the Ukrainian conflict caused worries.
Yen had suffered from losses on the previous two days against dollar, however, this year it has gained 0.7% in total. It went down Friday mainly because of a positive jobs report from the US rose optimism about Federal Reserve’s rate rise to take place this year.
Alexis Tsipras, the Prime Minister of Greece spoke to the parliament about plans to find relief for this cruel program that international lenders have imposed on Greece. He said that there won’t be extensions, which will cause problems with his partners in the EU.
Western Union market analyst Joe Manimbo said that if Greece were to leave the euro, markets would see a period of serious turmoil.
Angela Merkel, Chancellor of Germany discussed the Ukrainian conflict in a meeting with Barack Obama. The fact that seven civilians and nine troops have been killed there in the past day has also left its mark on the markets.
The Yen had gone down 1.4% Friday, but as investors found it a safe investment, on Monday, dollar went down 0.6% against 118.37 yen. Euro went down 0.3% to 134.13 yen. However, the euro went up 0.2 against dollar, closing at $1.1326. Even though, expectations towards euro stay negative.
Finance ministers of the Eurozone will meet Wednesday to hear a proposal from the Greek minister. The European Council will meet the next day.