JPY Daily News

JPY Posts Strong Gains Vs. Euro and Pound

The Yen appreciated versus all of the major currencies yesterday. With the revival of risk appetite to the market after the seizure of Freddie Mac and Fannie Mae, the JPY was able to make gains. With substantial gains of over 200 points versus the EUR and GBP since Sunday's market opening, the JPY has been able to take advantage of volatile market conditions to erase several months of bearish results against the majors. Against the USD the Japanese currency saw bullishness for the first time in 3 days. Yesterday, in local economic news for Japan, the Economy Watchers Current Index was released with a small monthly drop of 1 point as it reported a mark of 28.3, which did little to effect JPY trading.

Today a number of indicators are projected to come out from the Japanese economy. Early this morning we saw the release of the Machine Tool Orders index that was expected to drop by 8.9% last month and instead extended losses to 14.2%. The market was not affected much by the release and continued in its current trend. Later on tonight Japan will release annual CGPI, which measures the change of prices of goods sold by corporations and acts as an accurate indicator for consumer inflation. Also on tap is Japan's Current Account indicator, which is expected to rise to 1.34T Yen for this month. With a close eye on US stock markets and the movement of the USD and GBP, traders could see continued gains for the JPY today.

Current Time: 05/26 21:55 GMT

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#	Time	$€£¥	Event	Per.	Prev.	Fore.	Act.	Imp.
09/09
	07:03	JPY	Machine Tool Orders	y/y	-8.9%	*	-14.2%
	00:50	JPY	CGPI	y/y	7.1%	7.2%	7.2%
	00:50	JPY	Current Account		1.29T	1.34T	1.56T