The Japanese yen jumped today amid growing concerns about a potential outcome of the European Union leaders’ meeting, especially about the uncertain future of Greece.
Greece remains the main source of risk aversion on Forex market. Some economists speculate that the current bailout wouldn’t be enough to rescue the country from its credit problems. Additionally, there are rumors that EU chiefs discuss a direct intervention in the nation’s budget.
Greece is the major theme of talks, but it’s far from being only country with problems. Fitch Rating downgraded credit ratings of six European countries, including Spain and Italy, last week. The rating agency also set a negative outlook for these countries, meaning that there’s a high chance of further rating cuts.
USD/JPY slid from 76.65 to 76.27 and EUR/JPY plunged from 101.41 to 100.08 as of 19:39 GMT today.
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