- Japanese flash manufacturing PMI down from 52.4 to 52.1 in Nov
- Japan’s trade deficit narrowed from 1.07T JPY to 0.98T JPY
- China’s HSBC manufacturing PMI dipped from 50.4 to 50.0 in Nov
- German and French manufacturing and services PMIs due
- U.K. retail sales to show 0.4% rebound?
Guess who’s extending its stay in Loserville? That’s right, it’s the yen! The Japanese currency suffered another round of selling in today’s Asian trading session, as data from the country reflected more weaknesses. The flash manufacturing PMI slipped from a downgraded 52.4 reading to 52.1 in November while the trade deficit narrowed from 1.07 trillion JPY to 0.98 trillion JPY due to a slowdown in import demand.
USD/JPY is up 0.55% so far at the 118.60 levels while EUR/JPY is holding on to a 0.49% win, 20 pips away from the 149.00 handle. GBP/JPY is up 0.46% after testing the 186.00 major psychological resistance and AUD/JPY is looking at a mere 0.27% gain.
HSBC reported a downturn in manufacturing conditions in China, as the flash PMI dipped from 50.4 to 50.0 for November. AUD/USD is down 0.28% and is hovering around the .8600 mark while NZD/USD is facing a 0.14% loss as of this writing.
Up ahead, the forex calendar suggests that the euro and the pound might take center stage. German and French manufacturing and services PMIs are due, all of which are slated to show small improvements for the current month, while the U.K. is scheduled to release its retail sales report at 10:30 am GMT. Stronger than expected readings might lead to a rally for the corresponding currency while bleak results could spark a selloff so stay on your toes!
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