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JPY Daily News
JPY Tumbles Against Dollar
The JPY tumbled against the Dollar in Monday's trading, as traders dropped the ultra safe-haven Yen, and returned to the lesser safe-haven Dollar. This also marks a correction in the USD/JPY, as the pair tumbled in the past 2 weeks. The behavior was sparked by a stock market rally from the U.S. that was initiated by economic optimism in the U.S. economy. This soon led to bullish equity markets in other industrialized countries. This in turn led to traders to take more risks in yesterday's trading. Japan's government hopes for more of this as the country struggles to climb out of the economic recession, as the bullish JPY has helped prevent this.
The Yen slid 170 pips or nearly 2% against the Dollar to close at 96.49. The JPY declined by 420 pips versus the British Pound as traders ditched the safe-haven Yen for the cable. This helped reverse much of the losses that the Pound made against the JPY in last week's trading. The JPY also declined by a breathtaking 340 pips against the EUR, as investors ditched the safe-haven currency, in order to diversify their portfolios. There are 2 important sets of data that will be released from Japan later today. These are the Prelim GDP and the Prelim GDP Price Index at 11:50 GMT respectively.
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Print| # | Time | $€£¥ | Event | Per. | Prev. | Fore. | Act. | Imp. |
|---|---|---|---|---|---|---|---|---|
| 05/19 | ||||||||
| 05:30 | JPY |  Revised Industrial Production | m/m | 1.6% | 1.6% | 1.6% |  | |
| 00:50 | JPY | Prelim GDP | q/q | -3.8% | -4.2% | -4.0% |  | |
| 00:50 | JPY | Prelim GDP Price Index | y/y | 0.7% | 1.8% | 1.1% |  | |
