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JPY Daily News
Last Week's Drop in the Crude Oil Helped JPY Gain Grounds.
The JPY saw a fairly bullish trading session last week as it gained value against most of its currency crosses besides the USD. The week started with a drop in the Crude Oil prices that helped the export focused Yen gain grounds against most of its rivals. The better than forecasted yearly Overall Household Spending and Retail Sales also helped spark the positive momentum for the JPY. The Yen lost some of its positive trading trend with a lower than expected Prelim Industrial Production during the week, but overall saw bullish week. Most notable was the EUR/JPY that dropped to under 168 towards the end of the previous trading week.
No much Japanese made volatility will be seen this week as only three data releases are left to be announced. The two most impactful figures will be released on Wednesday and are expected to be bearish for the JPY. The focus should be going to the Core Machinery Orders, which is expected to significantly depreciate to -9.6% after recording a positive figure of 10.4% last month. As always, the American Crude Oil Inventories will also affect the JPY as the Crude Oil prices could get volatile after this release. Look for most of the Yen's trading trends to be caused by its currency crosses' momentum.
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