Forex: Yen continues descent

on Jun 3, 2013

Japanese housing starts for April y/y came out at a 5.8 percent increase on March, surpassing forecasts. The figures were released on Friday by the Ministry of Land, Infrastructure and Transport. Annualized housing starts for the April year came in at 939,000. Construction orders y/y rose two percent in April, compared to March’s -3.4 percent decline.

The positive data saw the USD/JPY holding at around 100.80 on Friday. During the European session, the yen continued to strengthen against the greenback, dropping close to the 100 level.
Despite the fact that the pair hit a high of 102.50 earlier last week, in today’s trading to this point, the pair has decreased to 100.01.
The main focus of the day – US manufacturing PMI for May – is due to be released by the Institute for Supply Management (ISM) at 15:00 BST. The index assesses the state of US industry by surveying executives on expectations for future production, new orders, inventories, employment and deliveries. Though manufacturing accounts for a relatively small portion of GDP, fluctuation is a leading indicator of economic turnarounds.

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