Yen Gains, Markets Wait Speech Kuroda

Learn Forex News : The yen rebounded against the dollar after weakening yesterday as Japan's trade deficit narrowed more than economists expected and also as the market awaited a speech from Haruhiko Kuroda first time as the new central bank governor.

The Japanese currency has appreciated by most of the major currencies after Kuroda told reporters that he would talk about monetary policy at a press conference in Tokyo. The euro weakened against the dollar after Cypriot President Nicos Anastasiades met with his advisers to draw up a new plan to prevent a financial crisis in the country.

"There are two important events to come, European production data and a speech from the new governor of the Bank of Japan," said Niels Christensen, chief currency analyst at Nordea Bank AB in Copenhagen. "The new governor's speech will be observed and if not any hint that there might be some disappointment for the market and the yen to strengthen. "