US Dollar / Japanese Yen update

Search

US Dollar / Japanese Yen update

charlie4573

28th February 2006

Japanese Yen becalmed

The Japanese Yen remained steady in European morning forex trading. The overall consensus on the economic data released overnight was not quite as bullish as expected for the Japanese Yen. Industrial production rose a little less than expected at 0.3pct and retail trade data showed that the consumer is still reticent to spend. The small business confidence survey slipped to 49.3 from 49.6, despite being expected to nudge the 50 level again. The Japanese currency is trading in a narrow range around the 116.25 level. A trade below 116.10 would signal a move to support at 115.80, however a move above 116.60 would indicate a test of 117.10 by short term fx traders.