Yen Strengthens vs. US Dollar After Weak Eco Watchers Survey Data
- Japan’s Eco Watchers Survey Outlook Index 49.0 in Jan versus 54.7 in Dec
- Report Reflects the Weakest Retail Services Sentiment Since November 2012
- Yen Stronger as Soft Data Weighs on Risk Appetite, Boosts Haven Demand
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Japan’s Eco Watchers Survey of retail service providers showed sentiment soured for a second consecutive month, with the forward-looking Outlook index falling to the lowest level since November 2012 (49.0 in January versus 54.7 in the prior month). The Japanese Yen strengthened against the US Dollar after the data crossed the wires as the soft outcome weighed against risk appetite, boosting demand for the safe-haven currency. DailyFX Currency Analyst David Song believes the Yen is still at risk for a larger correction.
USD/JPY 10min Chart - February 10, 2014
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