The Yen was falling in the morning. Overview for 23.08.2017

The USD/JPY pair was growing a little bit early in the morning, but couldn’t keep the tendency and reversed to the downside again.

Over and over again, the Japanese Yen has been trying to take advantage of the fundamental background and strengthen against the USD. The weak American currency provides a lot of opportunities for that. However, the instrument is calm so far; its current quote is 109.40.

This morning, Japan reported on the Nikkei Manufacturing PMI. The indicator increased up to 52.8 points in August after being 52.1 points in July. The current number is the strongest over the previous three months. In the comments to the report, the Nikkei agency says that the Output, New Orders and New Export Orders increased as well as the Employment. The input prices are also positive – if they are confirmed by official numbers, it will be wonderful.  

As the Nikkei agency emphasizes, the PMI readings are an excellent indicator of the healthy Japanese economy. If the demand exists both inside and outside the country, the tendency will improve in time.

For the Yen, this statistics turned out to be neutral. Investors are more interested in the USD behavior than the statistical reports. Moreover, one should also take into account that the summer is still here and the market is usually pretty calm at this time of the year.

RoboForex Analytical Department