JPY Daily News

Global Stock Markets to Determine JPY Movement

Yesterday saw equity markets falter worldwide, as the JPY directly affected. Despite a 'heavy' week of news on tap for the JPY including yesterday, the stock markets have been the major catalyst for movement when discussing JPY crosses. Those crosses were driven lower yesterday in response to a 250 point drop in US markets. The JPY recovered against the dollar yesterday on news of a number slumping month in the US housing sector.

In the overnight Asian session Japan released several key news events which did little to move the market upon release but could prove to be vital to the week ahead. Retail sales returned to surprisingly positive territory to a 0.3% change from the previous month, up 0.6% from initial forecasts. Also improved but still negative were annual Overall Housing Spending numbers, which dropped by 1.8%. The Unemployment Rate was the one grey note as it rose by 0.1% to hit a two year high at 4.1%. It will be interesting to see how the local Japanese data will interact with Equity market movement for the rest of the week, in regards to JPY movement in the Forex market.

Preliminary Industrial Production is the sole news event on tap from Japan today and will likely have little effect on the market as it released at 23:50 GMT. Forex traders invested in JPY related crosses should stay tuned to stock market movement today for indications on positions.

Current Time: 05/27 01:15 GMT

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#	Time	$€£¥	Event	Per.	Prev.	Fore.	Act.	Imp.
07/29
	00:50	JPY	Prelim Industrial Production	m/m	2.8%	-1.7%	-2.0%