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Yen descends as equities keep looking for strength

During Thursday’s trading in Asia the yen retreated against its crucial opponents, following a definite relieve in market sentiment, so the everlasting demand for this safe currency is cooling down now.  

The Australian dollar approached a new this year’s high against the major American currency. Moreover, it boasted a month high against the key Japanese currency, reacting to overnight’s crude recovery. 

The greenback conquered ¥114.13 right after staying below ¥114 in the Asian session.

Risk sentiment improved a little after American shares’ moderate revenues and a hike in oil prices, which backed up Tokyo stocks and opened sales of the yen, traditionally associated with safety.

However, the dollar obviously lacked clear direction ahead of the closely watched American jobs post for February. The evergreen buck obtained support around ¥113.40, because an overnight’s solid private payrolls report powered hopes for upbeat US jobs data.

Traders will most likely get down to substantial moves after they check the jobs report tomorrow. 

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