JPY Daily News

JPY Makes Early Gains and Late Losses; Remains Flat

The Yen completed yesterday's trading session with mixed results versus the other major currencies. The JPY was broadly unchanged versus the EUR yesterday and closed its trading session at around the 115.00 level. The JPY also saw bullishness against the GBP as it jumped around 100 pips and closed at 124.80.

The Japanese government warned yesterday that the economy was worsening rapidly as a deepening recession hits jobs and incomes, sending consumer confidence to a record low. The bleak government assessment, the fourth downgrade in as many months in its outlook, comes as exports and industrial production, key engines of the world's second-biggest economy, slide at a record pace and force manufacturers such as Toyota Motor Co. to slash production and cut jobs.

Traders today have very little fundamental news emanating from Japan as the only indicator being released is the trade balance report. Analysts forecast the figure to increase from its previous reading. This indicator typically generates small amounts of volatility. However, the EUR and the GBP appear to be clutching the reins of today's market. Traders would be wise to note its future direction as it usually carries a heavy impact on the other currencies.

Current Time: 05/27 03:13 GMT

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#	Time	$€£¥	Event	Per.	Prev.	Fore.	Act.	Imp.
01/21
	23:50	JPY	Trade Balance		-0.39T	-0.32T	-0.15T