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17.01.2013 09:00

Forex: Wednesday’s review

The yen strengthened against the dollar, recording a session with the second rise, after falling by 5.8% last month, sparking criticism from leaders around the world, that the fall in the exchange rate is excessive.

Japan's currency also rose against other currencies, as risk appetite increased, while the shares recovered some of their losses.

The pound fell for a fourth day against the dollar, registering with the longest drop since November, and also lost ground against the euro, as the World Bank has lowered the forecast for global economic growth. Note also that the currency has lost 0.5%, while reducing to $ 1.5986, which is a minimum of 28 November.

It is learned that the forecast reduction was due to the austerity measures, high unemployment, and the low level of confidence in the business, which puts pressure on the economies of developed countries. It is expected that the global economy will grow this year by 2.4%, after rising by 2.3% in 2012.

The euro fell against the dollar, because yesterday the Prime Minister of Luxembourg Jean-Claude Juncker said that the exchange rate is "dangerously high."

Meanwhile, a member of the Governing Board of the European Central Bank Ewald Nowotny said that the current exchange rate of the euro is not a problem for him, and he does not expect that the currency will increase in the long term.

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