Yen remains firm, pound resumes drop after weak UK manufacturing data . . . . . . . . . . . . . The yen remained firm against majors on Tuesday after the drop in equities from record high yesterday and improvement in Japan’s current account data. Taking advantage of its safe haven merit, investors preferred to hold the yen on weakness in shares. In addition, a report released today showed that Japan’s current account surplus reached 522.8 billion yen in May, hitting its highest in three months, beating forecasts of 417.5 billion yen shortfall. The USDJPY dropped for a third straight session to trade around 101.74 after touching a peak of 101.89 and a low of 101.67. The GBPUSD fell for a second day after a report showing U.K. manufacturing production unexpectedly slipped in May. Manufacturing production plunged 1.3 percent in May after soaring a revised of 0.3 percent, while analysts predicted 0.4 percent rise. The pair faced tough resistance at 1.7175 last week to retreat today to a bottom of 1.7083. This week, the BOE is predicted to hold its monetary stance unchanged amid the recent progress in the British economy. The dollar inched up today against a basket of major currencies, ahead of the release of Fed minutes for June 17-18 FOMC Meeting. The dollar is still buoyed by the upbeat nonfarm payrolls data released last week, which added to clues recovery is gaining strength in the second in the second quarter. The EURUSD dropped slightly to trade around 1.3597 after touching a bottom of 1.3574 yesterday. #egyptyard
Posted on: Tue, 08 Jul 2014 10:07:19 +0000
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