We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
More View more

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.84% Gold: 0.31% Silver: 0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/cCtIGXgMjw
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.67%, while traders in France 40 are at opposite extremes with 85.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/L97bbhVulc
  • $EURUSD Daily Pivot Points: S3: 1.0927 S2: 1.0982 S1: 1.1007 R1: 1.1063 R2: 1.1094 R3: 1.1149 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • With the EU-UK #Brexit negotiations ongoing and no certain path to an amicable resolution, the @bankofengland has warned that it may cut rates soon. Where is $GBUSD heading? Get your market update from @CVecchioFX here: https://t.co/CKPGqolOAR https://t.co/E7dGEiKVYP
  • US Equities Update (Thursday Close): $DJI -0.19% $SPX -0.04% $NDX +0.17% $RTY -0.40% $VIX +0.79%
  • As I listen to music while analyzing, I remind myself that: SRV > Jimi #ControversialViews
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.00% US 500: 0.00% Germany 30: -0.15% France 40: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/2Z0eNA1wrH
  • What is the biggest obstacle a trader needs to overcome to be successful? Find out from @JWagnerFXTrader here: https://t.co/Etyg8e0H6b #FOMOintrading https://t.co/up9B5DLg37
  • The New York #Fed trading desk will continue repo operations for fourth consecutive day $DXY
  • US House passes vote threshold to pass government funding stopgap bill $DXY
Yen Steady After Extremely Perky Manufacturing PMI Data

Yen Steady After Extremely Perky Manufacturing PMI Data

2017-02-21 01:46:00
David Cottle, Analyst

Talking Points:

  • The Japanese Yen was steady following the release of a strong set of manufacturing data
  • The Nikkei Purchasing Managers Index for the sector managed to outdo even the previous month’s near-three-year peak
  • The Japanese industrial sector seems to have started 2017 in some style

The Japanese Yen was only modesty stronger against the US Dollar on Tuesday, and not for long, despite an encouraging snapshot of Japan’s manufacturing sector.

The preliminary Nikkei Manufacturing Purchasing Managers Index (PMI) for February romped in at 53.5, a 35-month high and well above January’s 52.4. In the logic of PMIs any reading above 50 signifies expansion in the sector, a score below that means contraction.

Manufacturing output registered its fastest rate of growth for three years, coming in at 54.3, while business confidence levels were at record highs. The general aura of success seemed largely down to robust export orders and new product launches, as it was the month before.

USD/JPY was steady around after the figures, slipping very mildly to the 113.37 mark from 113.40 or so before the release. More broadly the market is focused on prospects of higher US interest rates based on the latest Federal Reserve commentary. This has favored greenback bulls, as have hopes for more expansive fiscal policy under President Trump, even if hopes is all they are at present.

Paradoxically, stronger Japanese data can sometimes count against the Yen, too. Given Japan’s huge national export machine, better manufacturing data can point to stronger global demand. This in turn tends to make Japanese investors search overseas for higher yielding investments than they can get at home.

Still heading higher, USD/JPY

Yen Steady After Extremely Perky Manufacturing PMI Data

Chart Compiled Using TradingView

Would you like live coverage of the biggest market-moving events? Why not check out the DailyFX webinars?

--- Written by David Cottle, DailyFX Research

Contact and follow David on Twitter:@DavidCottleFX

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


News & Analysis at your fingertips.