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Yen Looks Past Manufacturing PMI for Risk Trends and CPI Data

Yen Looks Past Manufacturing PMI for Risk Trends and CPI Data

Daniel Dubrovsky, Strategist

Talking Points:

The Japanese Yen failed to show much enthusiasm for a solid manufacturing PMI print of 52.8. Keep in mind, a reading above 50 indicates expansion while a level below means contraction. August’s preliminary report showed the manufacturing sector expanding at its fastest pace since May and up from 52.1 in July.

Today’s PMI reading also marked a twelfth consecutive month of expansion. According to the report: output, new orders and export orders rose at faster paces. In addition, employment increased as backlogs rebounded and optimism moderated.

JPY’s tepid reaction might have in-part been due to traders’ focus on its role within larger global risk sentiment dynamics. Indeed, the anti-risk currency was appreciating as the Nikkei 225 fell leading up to the data’s release. This also follows a jubilant Tuesday for the world’s major stock markets which in-turn saw the Yen depreciate.

Looking ahead there are a couple of major event risks that may stir Japanese yen volatility. July’s national CPI reading is due late into Thursday’s session. Currency Strategist James Stanley mentioned that a better-than-expected result may boost JPY. On Friday, we will hear from Fed’s Janet Yellen and ECB’s Mario Draghi during the annual economic symposium at Jackson Hole.

Yen Looks Past Manufacturing PMI for Risk Trends and CPI DataYen Looks Past Manufacturing PMI for Risk Trends and CPI Data

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