Intra-Day Market Moving News and Views
17 Dec 2014 01:50GMT
USD/JPY - ..... Reuters reported earlier Japan's exports grew for a 3rd straight month in November from a year earlier, but much more slowly than expected and despite a sharp fall in the yen as slowing demand in Asia & Europe dampened trade.
The 4.9% rise in exports was much weaker than a 7.0% gain seen by economists in a Reuters poll, slowing from a 9.6% gain in October, MoF data showed.
Weakness in exports could compound April's sales tax rise which pushed the economy into a recessionary 2nd quarter of contraction through September.
The data followed the BoJ's key tankan survey, which showed business confidence barely improved in the 4th quarter, suggesting a slow climb out of recession despite gains in share prices and a steep fall in the yen.
The BOJ is expected to stand pat at a monetary policy meeting on Friday.
Export volume fell 1.7% in the year to November, the first annual drop in 3 months. Japanese shipments have struggled to pick up because companies have moved much of their production overseas, limiting gains from a weak currency.
At yesterday NY opening, despite dlr's intra-day volatile swing after early sell off to a fresh near 1-month trough at 115.58 in Europe, price rebound after meeting renewed buying interest at 116.01 in the NY morning and then continued to edge higher after release of higher-than-expected U.S. Markit mfg PMI.
A report from Markit showed the U.S. mfg sector continued to expand in December, but growth rate hit an 11-mth low.
Markit said its preliminarily U.S. Mfg PMI index fell to 53.7 in December from November's 54.8, matching the 2014 January low when severe weather impacted economic activity. Market expected the reading to be 55.2.
Wednesday will see the release of New Zealand's Current Account, Japan's Trade Balance, exports, imports, Switzeland's SNB's Quarterly Bulletin, ZEW Investor Sentiment, UK's BoE Meeting Minutes and MPC Vote Outcome, Average Earnings, Claimant Count Change, ILO Unemployment, Eurozone's Inflation data, Labour Costs, Canada's Wholesale trade, U.S.'s CPI, Current Account, FOMC Rate Decision
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