12th March 2014
The Japanese yen has extended its recent advance against the dollar into a third successive forex trading session today (March 12th), with demand for safe-haven assets continuing to support the currency.
Investors generally turn to the yen during periods of political or economic uncertainty, largely because the country is not reliant on foreign capital to fund its deficits.
Amid reports Ukraine's interim prime minister has moved to form a volunteer national guard, the standoff with Russia continues to weigh on sentiment.
In addition, safe haven demand has been further supported by ongoing fears regarding a slowdown in China's economic growth, following the publication of much weaker-than-anticipated trade data earlier this week.
Traders are also preparing for a series of key US data releases due over the course of this week, including those relating to retail sales and consumer sentiment. These will be closely monitored for indicators as to the progress of the recovery in the world's largest economy.
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