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JPY Daily News
Yen Gains on Poor Economic Outlook
As an apparent safe-haven these recent months, the JPY has begun to strengthen once again due to risk aversion. Climbing to as high as 95.15 against the USD and 129.40 against the EUR, the Yen has performed surprisingly well these past 24 hours. As economic reports from the United States prove that the recession and economic downturn has not yet finished, traders yesterday began to exit their high-yielding investments in exchange for safe-haven assets, such as the JPY. The question is whether this bullish trend will continue.
As Japan maintains a quiet approach to economic indicators, the Japanese economy typically does not lead the market or make much of an impact on trading behavior. However, the JPY does act as a type of safe-haven during economic downturns, as has already been mentioned, and since negative reports were seen across the board yesterday, the JPY appreciated. If today's indicators, such as U.S. Unemployment Claims and Japanese Core Machinery Orders turn out to be worse than forecasted, the JPY's recent uptrend may continue throughout the day. Traders should keep an eye on the economic calendar today to gauge the impending direction for the island currency.
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Print| # | Time | $€£¥ | Event | Per. | Prev. | Fore. | Act. | Imp. |
|---|---|---|---|---|---|---|---|---|
| 05/14 | ||||||||
| 00:50 | JPY |  Core Machinery Orders | 0.6% | -4.7% | -1.3% |  | ||
| 00:50 | JPY | CGPI | y/y | -2.5% | -3.0% | -3.8% |  | |
