Yen Gains as Demand for Safety Surges After Pakistan Bombing - The Japanese yen jumped today after bombers killed at least 73 people in Pakistan, supposedly in response to the death of Osama bin Laden.
Ghufran Ali, a police official in Charsadda, reported that 15 buses carrying the newly graduated members of Pakistan’s Frontier Constabulary, a paramilitary force, who were going home after a May 11 ceremony was targeted by the bombing. The Tehreek-e-Taliban group announced that this attack was the first act of revenge for the death of bin Laden, according to Pakistan’s Dunya TV.
The yen, being a safe currency, tends to profit in times of political and economic instability, and now the world is anything but stable.
USD/JPY fell from 80.93 to 80.47 and GBP/JPY dropped from 131.81 to 130.95 today as of 8:30 GMT.
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Source : topforexnews.com
Friday, May 13, 2011
Yen Gains as Demand for Safety Surges After Pakistan Bombing
