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Japanese yen daily update for 28th November 2017

BY DEB SHAW | 

The yen is slightly weaker this morning after strengthening yesterday. The yen started the day stronger yesterday and continued to strengthen following news reports of another North Korean missile test. The yen has also been helped by volatility in Chinese financial markets and doubts regarding the upcoming Senate tax vote. Later today, future Federal Reserve Chair Jerome Powell is expected to speak at a confirmation hearing. Yen traders will be paying close attention to his remarks, especially if Powell deviates from the Fed's current monetary policies. Earlier indications suggest that his policies will largely mirror those established by Janet Yellen. Our outlook on the currency remains bullish. 

USD/JPY is currently trading just above 111.20. Looking at the euro vs. the yen, EUR/JPY is down and is currently trading above 132.30. 

This is a fairly light week for economic data releases relating to the yen. On Wednesday, we'll see Large Retailer's Sales and Retail Trade. On Thursday, we'll get cross-border stock and bond investments. Finally on Friday we'll see National CPI, the unemployment rate and household spending. Last week, the trade balance missed estimates. 

Updated 
Outlook
Neutral

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