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22 May 2014
JPY trending lower today - BTMU
FXStreet (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ, remarks today's softer tone in the Japanese currency.
Key Quotes
"The yen has weakened modestly in the Asian trading session with USD/JPY moving back within its narrow trading range after threatening to break below its 200-day moving average yesterday. The yen has been undermined overnight by the release of the stronger than expected HSBC China manufacturing survey for May which has helped ease investor concerns over slowing economic growth in the near-term."
"The survey revealed that business confidence increased by 1.6 point to 49.7 in May reaching its highest level since the end of last year. It was also encouraging that the new orders and new export orders sub-components increased even more notably by 2.8 point and 3.8 point respectively in May."
"The new export orders component increased to 52.7 reaching its highest level since 2010 signalling that external conditions are becoming more favourable. Overall the survey provides some tentative signs that economic growth is stabilizing in China which is partly the result of the recent mini-stimulus measures and lower borrowing costs."
Key Quotes
"The yen has weakened modestly in the Asian trading session with USD/JPY moving back within its narrow trading range after threatening to break below its 200-day moving average yesterday. The yen has been undermined overnight by the release of the stronger than expected HSBC China manufacturing survey for May which has helped ease investor concerns over slowing economic growth in the near-term."
"The survey revealed that business confidence increased by 1.6 point to 49.7 in May reaching its highest level since the end of last year. It was also encouraging that the new orders and new export orders sub-components increased even more notably by 2.8 point and 3.8 point respectively in May."
"The new export orders component increased to 52.7 reaching its highest level since 2010 signalling that external conditions are becoming more favourable. Overall the survey provides some tentative signs that economic growth is stabilizing in China which is partly the result of the recent mini-stimulus measures and lower borrowing costs."