Yen Climbs on Poor Fundamentals, Retreats
The Japanese yen fell today, erasing its previous gains. Earlier, the currency climbed as poor fundamental data from Asian nations spurred the risk aversion sentiment on the Forex market.
China’s Producer Price Index fell 2.1 percent year-on-year and 0.7 percent month-on-month. Inflation slowed from 3.0 percent to 2.2 percent in June. Japan’s machinery orders fell 14.8 percent in May from the previous month on a seasonally adjusted basis, while economists expected a decrease by just 2.4 percent. The data helped the yen to climb, but the currency gave away its gains later.
USD/JPY was almost flat at 79.63 as of 16:17 GMT today, following the earlier drop from 79.61 to 79.41. EUR/JPY rose from 97.62 to 97.96 after it fell earlier to 97.47.
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Earlier News About the Japanese Yen:
- Japanese Yen Rallies on Economic News (2012-07-05)
- Yen Drops as Stocks Rallies on Hopes for Interest Rate Cuts (2012-07-03)
- Japanese Yen Slides as Risk Appetite Rises (2012-06-29)
- Japanese Yen Mixed Against Majors (2012-06-27)
- Yen Climbs as Hopes for Europe Tarnished (2012-06-25)