The Japanese yen fluctuated, demonstrating a downside bias, as today’s reports from the United States are expected to be mixed. The yen slid versus the euro today on signs of stabilizing economic situation in Europe.
On the negative side for the yen, Michigan Sentiment Index is expected to rise from 69.9 to 71.2 this month. On the positive side, growth of import prices is predicted to stall in December. Yesterday’s reports were worse than expected, adding strength to the yen.
The USA adds support for the Japanese currency, but Europe holds the yen from rallying as outlook for the European economy unexpectedly improved. Yesterday’s report weren’t bad. Today, analysts say that Eurozone trade balance surplus is expected to increase.
USD/JPY traded near its opening rate of 76.75, while EUR/JPY rose a little from 98.36 to 98.41 as of 3:14 GMT today. GBP/JPY was higher from 117.66 to 117.75.
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