Other Currencies – Highlights After gaining traction over the last couple of days, the Japanese Yen has weakened against most of its major peers this morning on the back of lacklustre July retail sales data, which showed a more than expected decline in sales in the world’s third largest economy. Demand for safe haven assets had pushed the Japanese Yen higher against the US Dollar yesterday amid concerns of an impending military strike on Syria by the US and its allies. Meanwhile, Yoshihisa Morimoto, a board member of the Bank of Japan, indicated earlier today that the Japanese economy is showing signs of positive cycles of output, income and spending. Later today, the US labour market and GDP data will be keenly followed by market participants for further cues on the strength of the economic recovery. Meanwhile, a raft of crucial domestic economic data including manufacturing PMI, consumer price inflation, industrial production and unemployment rate will give an overall picture of the Japanese economy and is expected to sway market sentiment in tomorrow’s session.
Posted on: Thu, 29 Aug 2013 10:27:14 +0000
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