The Japanese yen rallied against such most-traded rivals as the US dollar and the Great Britain pound during the current trading session. At the same time, it was unable to gain on the European currencies like the euro and Swiss franc, which is surprising considering the political turmoil in Europe, specifically in Spain.
As for Japan itself, the economic reports released on Thursday missed expectations. The All Industry Activity Index rose 0.1% in August from the previous month, a little less than experts had predicted (0.2%). The trade balance surplus shrank from â¥0.31 trillion in August to â¥0.24 trillion in September, while forecasters had predict it to remain the same. But while growth of exports slowed, leading to the worse trade balance, economists were not particularly concerned as the slowdown followed the fastest rate of growth in four years, and specialists thought that the slowdown will be temporary anyway.
USD/JPY declined from 112.92 to 112.69 as of 18:49 GMT today, bouncing from the daily low of 112.33. EUR/JPY was at 133.26, little changed from the opening level of 133.09.
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