• Most Popular
  • Most Shared

FOREX-Yen bounces off 3-yr low vs euro in choppy trade

Fri Oct 10, 2008 4:13am EDT

LONDON, Oct 10 (Reuters) - The Japanese yen wiped out earlier gains against the euro on Friday in highly volatile trade, with traders citing profit-taking from a risk-aversion inspired run to three year highs.

Currencies  |  Global Markets

Stock markets also bounced off their lows, while government bond prices came off their highs.

By 0806 GMT, the euro stood at 134.89 yen EURJPY=, almost flat on the day, having earlier tumbled to 132.80. The dollar was down 0.2 percent at 99.16 yen after hitting a 6-1/2 month low earlier at 97.92 JPY=.

"It it possibly a bit of profit-taking. The yen has come a long way very quickly," a trader said. But he added: "Markets are so random and irrational at the moment it's hard to know what's going on".

(Reporting by Jessica Mortimer and Veronica Brown)

Currencies
Global Markets


More from Reuters

Photo

Obama says U.S. will pursue plane attackers

KAILUA, Hawaii (Reuters) - A wing of al Qaeda claimed responsibility on Monday for a failed Christmas Day attack on a U.S.-bound passenger plane, and President Barack Obama vowed to bring "every element" of U.S. power against those who threaten Americans' safety. | Video

» More Top News
A young Kamchatka brown bear plays in its enclosure at the 'Tierpark Hagenbeck' zoo in Hamburg September 20, 2007. REUTERS/Christian Charisius

The return of the Russian bear

Jason Bush

As Russia's memories of crippling economic times fade, are reforms disappearing along with them?  Commentary 

Breakingviews
Surgeons extract the liver and kidneys of a brain-dead woman for organ transplant donation at the Unfallkrankenhaus Berlin (UKB) hospital in Berlin January 12, 2008. REUTERS/Fabrizio Bensch

Desperate, duped, or both

One of the world's largest organ trade hubs is moving to stop the living from cashing in their body parts.  Full Article 

Health