JPY Sees Mild Losses vs. USD

Submitted by Forexyard on Thu, 17/05/2012 - 09:35
in

The USD/JPY advanced close to 30 pips during European trading yesterday, reaching as high as 80.54. The dollar was able to benefit from better than expected news out of the US, which placed the currency well above the psychologically significant 80.00 level.

The yen also took losses against the Australian dollar. The AUD/JPY was up over 80 pips during mid-day trading, reaching as high as 80.15 before staging a slight downward correction.

Turning to today, JPY traders will want to pay attention to news out of the US, specifically the Philly Fed Manufacturing Index. The index is forecasted to show significant growth in the US manufacturing sector. If the indicator comes in at or above the forecasted 10.3, the yen may fall further against its US counterpart.

 

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