The Yen is changing direction again. Overview for 12.12.2018
USDJPY is back to growing on Wednesday; the statistics from Japan were rather mixed.
The Japanese Yen is retreating against the USD in the middle of the week. The current quote for the instrument is 113.48.
The numbers published in the morning showed that the Core Machinery Orders added 7.6% m/m in October after losing 18.3% m/m the month before and against the expected reading of +10.2% m/m. As one can see, the indicator is very volatile even excluding ships and electrical equipment.
The PPI expanded by 2.3% y/y in November, which is worse than both the previous and expected readings of +3.0% y/y and +2.4% y/y respectively. However, this decline could be quiet easily explained by unstable external and weak domestic demand.
The Tertiary Industry Index added 1.9% m/m in October against the expected reading of +0.9% m/m. As a result, the weak September number was completely compensated.
Investors are quite calm towards the USD and it makes demand for the Yen as a “safe haven” asset reduce.
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