The Japanese yen was weaker today, falling for the fourth consecutive trading session, as the outlook for economic growth in the United States damped demand for the safety of the Japanese currency.
Analysts predict that today’s report will show that US industrial production expanded 0.2 percent in September. Tomorrow, the number of housing starts will be released and it is expected to be at 770,000, a small increase from the previous reading. Yesterday, a report showed that retail sales grew 1.1 percent last month, more than 0.7 percent experts have projected.
Markets were in a risk positive mode. The Standard & Poor’s 500 Index rose 0.8 percent and the MSCI Asia Pacific Index advanced 0.2 percent yesterday. The yen’s safety was simply not required in such an environment.
USD/JPY rose from 78.63 to 70.74 as of 00:32 GMT today. EUR/JPY advanced from 101.81 to 102.06 and GBP/JPY was up from 126.36 to 126.59.
If you have any questions, comments or opinions regarding the Japanese Yen,
feel free to post them using the commentary form below.
