Japanese Yen Crosses Rebound as Stock Market Recovers

After dropping close to 400 points on Friday, the stock market rebounded, helping carry trades or the Japanese Yen crosses to recover.

Economic data from Japan was slightly weaker than expected last night with the eco watchers survey dropping to 32.1 from 35.5. This represents a sharp deterioration in consumer confidence and reflects the strain that high energy prices is having on the Japanese consumer. Machine orders are the only numbers due for release from Japan tonight, but the calendar picks up on tomorrow with GDP and the current account due for release.