As the global economic crisis significantly affected the economics of almost all countries, it has been extremely reflected in the forex market too. Moreover, the forex market is based on major currencies of the developed countries, which are more subject to the economic recession. Since the roles of various countries in the global economics are utterly different, the directions of change in the currency values are different. This leads to significant split in the currency values, which is identical to severe changes in the forex instruments.
According to the value and direction of changes, some currency pairs (forex instruments) have been incredibly affected to hit the record low in long periods of time.
It should be emphasized that the daily changes in the forex market is rarely higher than 1%, because it is related to the solid economics of the developed countries; and it is no normally comparable with the stock market, as a personal event in a company may result to significant changes in a single day.
GBP/JPY
Japanese Yen was one of the most affected currencies in the forex market during the global economic crisis, as the Japan economics is highly dependent on the US economics, which was the heart of the present global economic crisis.
In general, GBP/JPY was decreased 40.53% during the year 2008. The fall of GBP/JPY was indeed started from July 2007, when it reached its record high of 251.07 (since 1990), which was significantly higher than the highest value later recorded in 2008 (i.e. 213.94 on the first trading day of 2008).
GBP/JPY reached the value of 129.84 in December 2008, which was a record low in the past two decades; though this decreases was continued to reach the value of 118.80 in January 2009 as an incredible record low, indicating more than half decrease of GBP/JPY during just one year and half.
SOURCE:
http://currencies.suite101.com/article.cfm/major_changes_in_the_forex_market_during_2008
According to the value and direction of changes, some currency pairs (forex instruments) have been incredibly affected to hit the record low in long periods of time.
It should be emphasized that the daily changes in the forex market is rarely higher than 1%, because it is related to the solid economics of the developed countries; and it is no normally comparable with the stock market, as a personal event in a company may result to significant changes in a single day.
GBP/JPY
Japanese Yen was one of the most affected currencies in the forex market during the global economic crisis, as the Japan economics is highly dependent on the US economics, which was the heart of the present global economic crisis.
In general, GBP/JPY was decreased 40.53% during the year 2008. The fall of GBP/JPY was indeed started from July 2007, when it reached its record high of 251.07 (since 1990), which was significantly higher than the highest value later recorded in 2008 (i.e. 213.94 on the first trading day of 2008).
GBP/JPY reached the value of 129.84 in December 2008, which was a record low in the past two decades; though this decreases was continued to reach the value of 118.80 in January 2009 as an incredible record low, indicating more than half decrease of GBP/JPY during just one year and half.
SOURCE:
http://currencies.suite101.com/article.cfm/major_changes_in_the_forex_market_during_2008
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