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Yen Drops as China’s PMI Comes Out Better than Expected

May 22, 2014 at 10:57 by Vladimir Vyun

Watermark on the Japanese yen billThe Japanese yen retreated today as better-than-expected macroeconomic data from China convinced traders to drop their risk-negative attitude and buy high-beta currencies.

The HSBC Flash China Manufacturing Purchasing Managers’ Index rose from 48.1 in April to 49.7 in May, while analysts forecast just a small increase to 48.4. It was the highest level in five months. The reading still indicated a contraction of the sector but it was very close to the neutral 50.0 level.

USD/JPY was up from 101.36 to 101.55 as of 10:55 GMT today, reaching the high of 101.75 intraday. EUR/JPY ticked up from 138.72 to 138.92, and its daily high was at 139.12.

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

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