JPY Daily News

JPY Reaches Two-Year Highs Versus a Batch of Crosses

The JPY saw mixed results yesterday as the equity markets produced varying signs of risk appetite. The day started with strong risk aversion throughout the market, resulting in bullishness for the Japanese currency. By mid-day yesterday it had gained over 100 pips against the USD, EUR, GBP and CHF and also trading near 2-year highs versus the NZD and AUD. With Japanese data having little effect on its own currency movement, it was only a matter of time before market behavior changed as the JPY forfeited most of it earlier gains before market closing. The swing in market sentiment came as Lehman Brothers announced its struggle to regain capital following their monumental losses earlier this year. The credit giant is still looking for potential buyers with the help of the US government and news of such will likely provide a huge swing of risky trading. Yesterday's local data from Japan, as mentioned earlier had little effect on its pricing. Both quarterly GDP and annual GDP price index numbers saw slight gains for this month compared to last, despite posting negative figures. Final Q2 revised GDP saw a 0.2% gain from initial expectations of -0.9% and the price index was also slightly up against forecasts.

In early morning trading the Japanese released their revised monthly Industrial Production figures which show positive growth of 1.3% last month. As expected markets reacted with little motion as JPY enthusiasts will need to look toward a full fundamental news day from global markets to map out their positions.

Current Time: 05/26 21:57 GMT

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#	Time	$€£¥	Event	Per.	Prev.	Fore.	Act.	Imp.
09/12
	05:30	JPY	Revised Industrial Production	m/m	0.9%	0.9%	1.3%