Weekly FX roundup: Yen, US Dollar remain weak

09 August 2010

Risk appetite continued its progression into this week after Asian markets tumbled earlier this morning as Goldman Sachs Group Inc. lowered its forecast of GDP figures for Japan and the US on signs that stimulus boosts will wane. Japan will grow 1.4% in 2011, compared with an earlier forecast of a 1.7% expansion, while lowering its projection of US growth for the same year to 1.9% from 2.5%. The Nikkei closed 0.72% lower on weaker economic cues bringing back recovery concerns and boosting the Yen as a mode of safe investment. Forecasts for Chinese export and import figures to be lower than the previous month also added to economic woes as the markets try to revive themselves.

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