Forex: Euro rises to 10-month high against the Japanese Yen

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The Euro peaked at a new high this morning against the Yen for the first time in 10 months. The Single Currency has been given a boost in recent days fuelled by strong expectations of a rate hike after the ECB President Trichet gave hawkish speeches on several occasions in the past couple of weeks. On the other hand, the Japanese Yen is sliding as monetary easing in Japan triggered sell signals.

Since the open of the European session, EURJPY surged 40 pips to hit the new high of 117 surpassing the last high at 122.27 in May 2010.

USDJPY has also been rising steadily since the Japan earthquake to hit 83.14 this morning.