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15/01-13   -   Press releases

Yen reverses, but for how long?

Markets are on the back foot this morning, with S&P 500 futures falling for their third straight session. The big mover is the Japanese yen after

Japan’s economy minister Akira Amari indicated that there were ´limits´ to how much they were prepared to see the yen weaken. The main yen pairs are

down by around 1%, with the EUR/JPY falling furthest. The euro is weak overall this morning on speculation that the European bank rescue plan is taking

a harder line than expected. Elsewhere, gold is on the rise despite the US dollar having the upper hand today.

Coming up today we have a raft of UK data at 09.30, including CPI, PPI and RPI figures which are largely expected to stay unchanged. From 10.00, BOE

governor King speaks. From 13.30, we switch to the US where we start with core retail sales at 13.30, along with PPI. There´s no doubt that the USD/JPY

has been over sold for some time, but opposing the move has been an easy way to lose money as the yen stubbornly moved lower.

The value bet is still to the downside and a good way to play this on is a LOWER trade predicting that the USD/JPY closes below 87.00

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