JPY Daily News

Japanese Interest Rates Held Steady

So far today we are seeing a very bearish trading session for the JPY against its top currency counterparts. The JPY lost grounds to the EUR, USD and GBP, as positive data was released from all 3 of the Yen's counterparts. Against the EUR, the JPY was traded at above 150, and it lost over 200 pips to the USD, trading in the 106 range.

The only economic release from Japan yesterday was the Household Confidence report, which decreased compared to last survey, and traders followed by losing some confidence in the Yen. Harming the JPY even more were the excellent economic news releases from the world's major markets. These helped the EUR, USD and GBP gain positive momentum on behalf of the JPY.

Looking ahead today, the Japanese market should have a heavy effect on the JPY versus its major currency counterparts. The Overnight Call Rate was held steady at 0.50%, but traders should pay close attention to the BoJ Press Conference that will follow it to look for expectations of Japan's economic future. Later tonight, the monthly Tertiary Industry Activity Index is expected to be released with an increase to a positive figure. This should add bullish momentum to the Yen against its counterparts. If Crude Oil prices change drastically following the Crude Oil Inventories release, expect some more volatility on the JPY.

Current Time: 05/27 01:53 GMT

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#	Time	$€£¥	Event	Per.	Prev.	Fore.	Act.	Imp.
09/17
		JPY	BoJ Press Conference		*	*	*
	04:47	JPY	Overnight Call Rate		0.50%	0.50%	0.50%
	00:50	JPY	Tertiary Industry Activity Index		-0.8%	0.4%	1.2%