- Japanese industrial production revised up from 0.2% to 0.4%
- Nikkei up by 0.25% for the day
- New Zealand REINZ HPI up by 1.1% in August
- Euro zone industrial production and employment change due
- U.K. construction output and CB leading index up for release
What in the world is happening to the yen? USD/JPY once again posted new highs, as the forex pair jumped to 107.40 in today’s Asian session. Its selloff against most of its counterparts carried on, as GBP/JPY climbed above the 174.00 handle while EUR/JPY peaked at 138.75.
Data from Japan was actually upbeat, as the final industrial production figure for July was upgraded from 0.2% to 0.4%, yet forex traders showed no love for the yen as many are already anticipating further easing from the BOJ sooner or later. The Nikkei managed to continue its winning streak, as the equity index logged in another 0.25% gain for the day.
In New Zealand, the REINZ HPI showed a 1.1% rebound from the previous 0.7% decline, but this wasn’t enough to keep NZD/USD supported. The pair sank deeper below the .8200 major psychological level and reached a low of .8157 as of this writing. Meanwhile, Aussie pairs edged lower as market participants started bracing for another round of bleak data from China over the weekend.
Only a few medium-tier releases are lined up in today’s London session, as the euro zone is set to print its industrial production and quarterly employment change figures. These reports might not have much of an impact on euro price movement, as traders had been able to react to earlier releases and pretty much estimated how these reports might turn out. U.K. construction output and CB leading index are due and might also spur additional volatility for pound pairs.
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