Yen Soft After CPI Misses Expectations

The Japanese yen was rather soft today, falling against riskier commodity currencies as well as the US dollar. The yen managed, though, to hold ground versus the euro and to gain on some other European currencies, like the Great Britain pound and the Swiss franc. The miss of an inflation figure was one of the possible reasons for the yen’s weakness.
The Statistics Bureau of Japan reported that the Consumer Price Index rose 0.5% in July on an annual basis, slowing from the previous month’s 0.7% rate of growth and missing the consensus forecast of a 0.6% increase. The core CPI rose 0.6%, the same as in June and matching expectations. Both indices rose 0.1% month-on-month.
USD/JPY gained from 106.43 to 106.64 as of 11:16 GMT today. EUR/JPY traded at 117.87 after opening at 117.92 and rising to the daily high of 118.16.

If you have any questions, comments, or opinions regarding the Japanese Yen, feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *