JPY registers its second day of gains after Friday’s declines US equities registered declines yesterday, and the Asian counterparts followed suite this morning. Oil’s continued declines pressured markets. Monday’s negative Chinese trade balance data raised concerns over upcoming growth projections for 2015 for the world’s second largest economy. The Yen continues to enjoy support on a bout of profit taking after USDJPY climaxed to 7-year highs after strong US payrolls data last Friday, the JPY looks onto a referendum and has shrugged off a lowerly revised GDP data issued on Monday. The Yen may continue to find support as risk off mode pushed the AUD and NZD lower. The commodity bloc currencies remained in declines, and even the USD is in retreat today. EURUSD has tested highs of 1.2367 already while the USDJPY delved to lows of 119.53. The GBP is registering some mild declines ahead of industrial and manufacturing production data expected later on this morning from the UK. Consensus estimates are expecting data to show a slower pace of growth for the month of October although the mentioned industries remain in growth. Later this afternoon the US will be reporting its figures for October Wholesale inventories as well.
Posted on: Tue, 09 Dec 2014 08:29:29 +0000