Japanese Yen witness fluctuation after a big drop yesterday

The Yen saw a fluctuation during Friday's trading with the end of the week after it dramatically fell during yesterday's trading, after the surge recorded by the dollar against major currencies at the expense of the deterioration of the euro levels in the markets.

The dollar yen pair is currently trading at 104.08 level, after the session opened today at the level of 104.13, recording the lowest level at 104.00, and the highest record at 104.18.

Lower levels of the Japanese yen yesterday came with the dollar's rise to its highest level in seven months at the expense of the euro, which suffered from a significant deterioration after the ECB meeting and its reference to its intention to maintain interest rates at their lowest level.

Projections indicate an increase in the Federal Reserve Bank interest rates before the end of the year at a time when the world's central banks tending to keep the interest rates lower, which increases the demand for the dollar as a safe investment during the coming period, and thus adversely affect the Japanese yen, which used to play this role.

As for the dollar index, which tracks the dollar's performance against a basket of major currencies, is currently trading at the level of 98.38, after it opened today's session at the level of 98.30, while the lowest level been recorded at 98.29, after hitting a seven-month low of 98.40, as rising dollar comes in light of the great support it gained from the deterioration of the euro since yesterday's trading.