Investors are looking for a support for the Yen. Overview for 24.10.2017

On Tuesday, the USD/JPY is trading to the upside; investors’ attitude to the American currency is positive again.

After a pretty volatile Monday, the Japanese Yen is back to retreating against the USD. The current quote for the instrument is 113.66.

The statistics published in the morning showed that the Nikkei Manufacturing PMI Flash decreased up to 52.5 points in October after being 52.9 points in the previous month and against the expected reading of 53.1 points.

The current number is the lowest over the last 11 months. It’s quite funny that the components of the report are positive if taken separately. The output, new orders, and new export orders increased, as well as the quantity of purchases. However, they improved slower in comparison with the previous month.

At the same time, one should remember that the September reading was the best over the previous four months. The fact that the pair fell off the peak is not the worst thing that happened. New orders are expanding, and that’s good. The risks lie in consumers’ not being very optimistic, but this is a preliminary report, which doesn’t cover the entire manufacturing sector.

This morning, investors are quite calm in their attitude to the USD and have no intentions to buy the “safe haven” Yen.

RoboForex Analytical Department