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JPY Daily News
The JPY Appreciation Continues
The Japanese currency underwent a bullish trading and surprisingly gained in relation to its counterparts, being the only currency to stop and reverse the USD's bullish run despite a sudden drop in Japanese stocks yesterday. Japanese equity markets have recently suffered significant losses, particularly in the export dependant auto industry. A stronger JPY has hurt lowered the demand for Japanese goods as consumers find cheaper goods elsewhere.
The USD/JPY ended the day at 97.57, down 19 pips. The only economy release published was the leading Indicators which came out as expected by the forecast with 89.3% from a previous 91.4% in September. Despite its muted result, this indicator couldn't give us a better idea of the direction of the economy as it may tell us just how deteriorated the Japanese economy is.
As for today, Japan will be absent from the economic calendar. The JPY's trends will be affected by the rallies of its primary currency pairs. It seems the USD and EUR are expected to continue a volatile trading session today and their crosses with the JPY will likely be as well. Traders should keep a close look on the news coming from the U.S. and Europe as these economies will be the deciding factors in the JPY's movement today, especially the U.S. Non-Farm Employment Change.
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