Talking Points
- Japanese earnings ticked higher in the year’s third quarter
- The previous quarter’s showing was also revised higher
- The Yen failed to capitalize as US election news-flow took top billing
The Yen remained under pressure against the US Dollar on Monday despite news that Japanese earnings had ticked higher.
Official figures showed that average cash earnings were up 0.2% in the year’s third quarter, up from a flat reading in the quarter before, which itself has been revised up from an initially reported 0.1% fall.
This looks like a crumb of better news for Japanese authorities as they fight to restore some pricing power to the economy.
However, it is only a crumb and it looks likely that this economic news has been overwhelmed by what looks likely to be Monday’s main market story.
That’s the news that the Federal Bureau of Investigation has found no evidence of criminality in its investigation into Hilary Clinton’s use of a private email server.
The FBI has stuck by the conclusions it reached in its initial investigation in July, after roiling the Clinton campaign by looking into a new batch of emails just last week.
The effective clearing of Clinton has given her a major boost just a day before Americans go to the polls.
The US Dollar has managed sharp, general gains as have both Asian stock markets and US futures.
Sure enough USD/JPY was at 104.34 after the data, above 103.96 earlier on Monday.
USD/JPY Continues to Climb After Cash Earnings Data
Chart created using TradingView
