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The Yen is strengthening early in the week. Overview for 08.07.2019

8 july 2019 - Fx4News

On Monday morning, USDJPY is retreating a little bit; market players are counting on a calm trading session.

The Japanese Yen is getting a bit stronger against the USD on Monday morning, although market sentiments are quite neutral and investors are expecting a calm trading session. The current quote for the instrument is 108.31.

In the morning, Japan reported on the Core Machinery Orders, which plunged by 7.8% m/m in May after adding 5.2% m/m the month before. This indicator is extremely volatile, but it doesn’t mean that the current slowdown is okay. The last time it was negative was January 2019, but that decline mostly resulted from the seasonal factor.  

The Bank Lending expanded by only 2.3% y/y in June, considering it added 2/6^ y/y in May. The slowdown may indicate negative sentiment in the country’s economy and financial sector. 

The Economy Watchers Sentiment for June was also not too good: it went from 44.1 points in May to 44.0 points in June. However, market expectations were 43.9 points. The indicator is calculated based on surveys of large companies’ staff and describes the situation with consumer spending. The indicator hasn’t been above 50 points (separating pessimism and optimism) since last November. However, prevailing negative is no news for the current state of the Japanese economy.

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