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JPY Daily News
Japan Not Behind the Wheel of JPY's Recent Movement
No data emerged from the Japanese economy yesterday as banks on the island country observed Autumnal Equinox Day. As a result, the driving forces behind the JPY yesterday were the other major currencies. The JPY saw mixed results based on recent American and European figures. Against the USD, the Yen rose in value as the dollar took a plunge resulting from the recent financial crisis and market uncertainty. However, against the EUR, the JPY witnessed a sharp devaluing spike as the EUR recorded a long-overdue jump in strength.
As with the USD, the JPY is also influenced by the price of Crude Oil. When Oil prices soar, as traders saw yesterday, the Japanese economy loses steam from an expected increase in the cost of transporting goods, thereby increasing the cost of Japanese exports. Today, traders should watch the Japanese BSI Manufacturing Index indicator as it is forecasted to be lower than the last release. This negative release may drive the JPY further down versus its currency counterparts. However, the USD and EUR are expected to be behind the wheel of today's trading.
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Print| # | Time | $€£¥ | Event | Per. | Prev. | Fore. | Act. | Imp. |
|---|---|---|---|---|---|---|---|---|
| 09/23 | ||||||||
| 00:50 | JPY |  BSI Manufacturing Index | -15.1 | -17.0 | -10.0 |  | ||
