Yen Bounces Back as European Stock Futures Soar: A Market Overview

The yen made a strong comeback after hitting⁢ a 34-year low,‍ sparking rumors of possible intervention. Stock futures in Europe‍ and ⁤the US followed the positive trend in‍ Asia, with the Japanese currency gaining 2.1% after dropping below 160 per dollar for the first time since 1990. ‍Thin trading​ volume due to ⁤a public ⁢holiday in Japan contributed to ‍the volatile ⁤market⁢ movements. Despite speculation, top currency official Masato Kanda remained ⁣tight-lipped about any intervention. The market’s instability and lack of liquidity have turned ⁤the⁣ yen into a volatile instrument, according ⁢to Rodrigo Catril,⁢ a strategist at National Australia Bank. The‌ Euro Stoxx 50 ⁣futures climbed 0.4%, while S&P 500 contracts saw a slight increase following the benchmark’s best weekly ​performance in 2024. Chinese stocks led the ⁢rally in Asia, ⁤setting⁣ a positive tone⁢ for⁣ the global markets. Source: finance.yahoo.com