Japanese Yen Falls Despite Market Sentiment, Positive Data

The Japanese yen fell against other most-traded currencies today even though markets were cautious amid a lack of new details about the US-China trade talks. Japan’s industrial production expanded more than was expected but that did not help the Japanese currency either.
Japan’s Ministry of Economy, Trade, and Industry reported that industrial production rose by 1.7% in September, seasonally adjusted, according to the revised estimate. Markets were expecting the same 1.4% increase as shown by the preliminary report. The indicator fell by 1.2% in the preceding month.
Released yesterday, a report revealed that the indices of tertiary industry activity rose by 1.8% in September. That was more than analysts had predicted (0.2%) and than was registered in the prior month (0.3%).
On a negative side, Japan’s Cabinet Office reported that gross domestic product rose by just 0.1% in the third quarter of this year from the previous three months. That was a noticeable slowdown from the previous quarter’s growth of 0.4%. Furthermore, the actual reading trailed the consensus forecast of a 0.2% increase.
USD/JPY gained from 108.41 to 108.64 as of 10:26 GMT today. EUR/JPY advanced from 119.49 to 119.74. GBP/JPY edged up from 139.61 to 139.87. CAD/JPY went up from 81.82 to 81.98, touching the high of 82.12 intraday.

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