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USD/JPY Steady After Tankan Data as Markets Await FOMC

USD/JPY Steady After Tankan Data as Markets Await FOMC

Ilya Spivak, Bradley Kearns,

Talking Points:

  • USD/JPY little-changed as Tankan data puts manufacturers’ sentiment at weakest since 2013
  • Tepid response likely reflects data’s limited implications for BOJ policy, indecisive sentiment
  • Risk appetite trends likely waiting for FOMC rate decision for directional bias on Yen prices

Macroeconomic events affect currency valuations. Stay updated with major releases on our calendar.

The Japanese Yen was little-changed against the US Dollar as the Bank of Japan’s Tankan report crossed the wires. The survey showed that large manufacturers’ outlook unexpectedly fell to the lowest level since March of 2013. Economists were expecting an improvement ahead of the release.

The Yen’s tepid response to the release likely reflects its limited implications for BOJ monetary policy and risk sentiment trends’ preoccupation with the FOMC rate decision due later in the week. A widely expected interest rate hike may trigger risk aversion across the financial markets, boosting the safety-linked Japanese currency.

USD/JPY Steady After Tankan Data as Markets Await FOMC

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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