Currencies Exchange Rate Update- Yen Depreciates, USD Rises

The Yen depreciated against other major currencies, as a recovering global economy reduced the demand of safe-haven currencies such as the Yen and the Swiss Franc. The USD-JPY exchange rate rose by 0.0399 percent to 80.9155 Yen. Also, the strong economic news helped in appreciating the US Dollar against the Euro. The Euro-USD exchange rate fell by 0.1142 percent to USD $ 1.4394.

Applications for US unemployment benefits fell by 44,000 to 430,000 last week, while retail sales increased by 0.6 percent in April. This has led to the belief that the US economy is weathering the high oil prices well and is performing adequately, signaling a possible increase in the demand of oil.