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JPY Daily News
Yen Slightly Strengthens Against the Majors
The Yen saw a very jumpy trading session during last week's trading. The Yen began last week's trading with a bullish trend against all the major currencies. The trend then reversed, yet the Yen kept modest profits against the majors.
The Yen was boosted by the positive Japanese economic data which was published last week. The Japanese Retails Sales rose by 4.7% on March, beating expectations for a 3.7% rise. The Retail Sales are a primary gauge of consumer spending, and the positive figure has added to Yen's demand. In addition, the Household Spending, another consumer spending indicator, rose by 4.4% in March, beating the 0.7% expectations as well. The combination of the two indicators proved that the Japanese citizens have greater confidence regarding their economic outlook and thus feel safer to consume. However, the Yen's bullish tend has reached its end once speculations regarding the Greek Rescue Package became more and more realistic. The rescue package has increased risk-appetite in the market, and turned investors to look for riskier assets such as the Euro.
As for this week, traders are to keep track of the Greek bailout plan, as this seems to be the most influential news event at the moment. Traders should take under consideration that positive data regarding the Greek economy is likely to boost risk-appetite and as a result to weaken the Yen.
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