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JPY Daily News
Economic Weakness Drops the JPY
Yesterday, the JPY underwent a volatile session against most of its currency rivals. The JPY appreciated against the EUR and the GBP, yet it mainly fluctuated against the USD and ultimately kept a steady rate against it.
The Japanese trading day began with rather disturbing data for the JPY as the Tankan Manufacturing Index was marked at -3, indicating worsening conditions in the Japanese manufacturing industry. This dropped the JPY against the major currencies; however the trend had promptly reversed, and the JPY saw rising trends against the EUR and the GBP.
As for today, traders should follow overseas developments, and special attention should be divided between two major financial developments. One is equity markets around the world, as rising stocks should generate a bullish trend for the USD and subsequently raise the JPY. Another major event today will be the European Central Bank's decision whether to cut interest rates. A European interest rates manipulation will largely affect the market, and the JPY is no exception.
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