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Yen Crosses Tumble on Equity Market Weakness

Monday, 28 July 2008 20:29:50 GMT

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Written by Kathy Lien, Chief Strategist
The weakness in the US equity market drove all of the Japanese Yen crosses lower.  Even though we have a very busy Japanese economic calendar this week, the equity markets will continue to dominate the price action of the Yen crosses.  This has been the case for the past few months and will continue to be the case for the foreseeable future.  Consumer spending and labor market data are due for release this evening.  The labor market should hold steady, but retail sales is expected to fall significantly as the rise in prices takes a big bite out their discretionary spending.  
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