July 10, 2012
The yen was one of the losers in pipsville yesterday as bad data from Japan got mixed with profit-taking in markets. EUR/JPY and Guppy both inched 42 pips higher, while USD/JPY held steady with only a 4-pip slip. Will the yen turn its luck around today?
If it does, it probably won’t be from economic reports. Only the household confidence data at 5:00 am GMT and the tertiary industry activity and corporate goods price index at 11:50 pm GMT are scheduled for release today, so the yen bulls and bears will probably look at other major economies for some action.
Too bad that the yen didn’t get any support from yesterday’s data. Economic watchers in Japan had gloomier prospects for the economy as the Economic Watchers Sentiment data plunged from 47.2 to 43.8 in June. With the strong yen still hurting exports and consumer taxes due for a raise, who could blame them?
Last edited by PipDiddy; 07-09-2012 at 10:22 PM.
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