Japanese Yen Gains Despite Slower Manufacturing Growth

The Japanese yen gained against its major peers even though the growth of the nation’s manufacturing sector slowed more than expected this month according to the preliminary reading.
Markit reported that the Nikkei Flash Japan Manufacturing PMI fell from 52.4 in June to 52.2 in July. It was slightly below the average forecast of 52.3. But the yen did not pay heed to the data, possibly gaining strength from the World Economic Outlook Update released by the International Monetary Fund today. The report marginally upgraded the growth forecast for Japan.
USD/JPY fell from 111.10 to 110.74 as of 11:07 GMT today, falling for the fifth consecutive day and trading near the levels last seen about a month ago. EUR/JPY declined from 129.61 to 129.04.

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