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Domestic Data & Market Sentiment Drive Yen Down

September 29, 2016 at 16:16 by Vladimir Vyun

Watermark on the Japanese yen billThe Japanese yen fell today, driven down by both poor domestic macroeconomic data and the general market sentiment that was favoring currencies with higher yield, not safe ones.

Japan’s retail sales fell 2.1% in August year-on-year and 1.1% month-over-month. The drop was bigger than analysts’ had predicted. Meanwhile, the surprise agreement to cut oil production announced by the Organization of Petroleum Exporting Countries continued to bolster investors’ confidence, making them interested in high-beta currencies and feel no need to stockpile safe ones.

USD/JPY rose from 100.67 to 101.45 as of 16:09 GMT today. EUR/JPY advanced from 112.93 to 114.09.

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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