Japanese Yen Lower as Traders Wait for Next Week’s Data

Japanese yen is lower today, dropping after yesterday’s Eco watchers survey offered mixed results. Yen moved briefly higher against the dollar, but the currency is down again, and losing ground to all its major counterparts. Traders are looking forward to next week’s data.

Yesterday, the Eco watchers survey for future expectations for the Japanese economy rose to 49.1 in September, beating an expected reading of 48.3 and rising from the August reading of 48.2. While the prospects of future economic growth in Japan did help the yen briefly against the dollar, the current index told a different story.
The Eco watchers current index for September fell from 49.3 in August to 47.5 in September. Expectations were for a drop to 49.0. The news once again has the yen lower as Forex traders wonder if more easing could be on the way.
Next week, data is expected out of Japan, so moves aren’t likely to be too big right now. Japanese consumer confidence is expected next week, and that will provide more indications about sentiment in Japan — and clues about what could be next.
At 13:07 GMT USD/JPY is higher, moving up to 120.2800 from the open at 119.9380. EUR/JPY is up to 136.5980 from the open at 135.2450. GBP/JPY is up to 184.5570 from the open at 184.0720.

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