USD/JPY Will Hold 100.75 to 103 Range The Japanese Yen traded higher against all of the major currencies today with the exception of the New Zealand dollar. The decline in USD/JPY along with weakness in U.S. and Japanese equities kept the Yen crosses under pressure. With the U.S. earnings season beginning on Tuesday, we continue to expect the Yen to take its cue from risk appetite as last nights leading and coincident indices had very little impact on Japans currency. The leading index declined in May but the coincident index ticked higher. So far the impact of the VAT tax on the economy has been limited and this weeks economic reports are expected to provide further evidence of that. Tomorrow we have Japans current account and trade balances scheduled for release. While the trade deficit is expected to increase, the current account surplus is expected to grow. The impact on USD/JPY should be limited with the currency expected to remain confined between 101 and 102.75 for most of the week. Regards, Iyanu Oye-Festus
Posted on: Tue, 08 Jul 2014 04:11:24 +0000
Trending Topics
Recently Viewed Topics
© 2015