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Japanese Yen Bullish vs. Dollar as US Manufacturing Plummets
The sudden sharp drop in the US Philly Fed Manufacturing Index sparked a sudden shift into the Japanese yen against the dollar yesterday. Traders appear to be revealing a bias away from the greenback in favor of the yen as global risk appetite levels bounce rapidly between economic regions. The unexpected softening of the ECB's stance on monetary policy yesterday also convinced a number of investors to shy away from the euro zone in favor of some level of safety during this uncertain period, exasperated by thin holiday trading.
Lower oil stockpiles in the US may also have signaled positive industrial growth in the US, and Australian import prices and inflationary data grew more than expected, leading many to speculate a tightening of monetary policy by the Aussie giant. Yesterday's claim had the impact pulling down on the JPY, but the ECB's remarks mixed with the Philly Fed data has actually helped the yen in short-term trading. As most other markets close today, traders may want to eye the Japanese market a little closer since it will remain active during the holiday session.
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