14 Jan 2014
Flash: Weak US jobs encourages specs to pare short Yen positions - BTMU
FXstreet.com (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ notes that the yen has weakened modestly in the Asian trading after USD/JPY found support yesterday at just below the 103.00-level.
Key Quotes
“The weaker than expected US employment report for December has encouraged speculators to pare short yen positions in the near-term. The decline in US yields and more risk-averse trading conditions have also proved more favourable for the yen.”
"Weakness in US equities yesterday has fed through to Asian equities today with the Nikkei 225 index declining by just over 3.0%. We remain positive on the outlook for the US economy in 2014 although acknowledge that both the recent sharp drop in the ISM manufacturing new orders component and weaker than expected employment report for December are potential signals that the robust economic momentum in the second half of 2013 maybe set to ease.”
Key Quotes
“The weaker than expected US employment report for December has encouraged speculators to pare short yen positions in the near-term. The decline in US yields and more risk-averse trading conditions have also proved more favourable for the yen.”
"Weakness in US equities yesterday has fed through to Asian equities today with the Nikkei 225 index declining by just over 3.0%. We remain positive on the outlook for the US economy in 2014 although acknowledge that both the recent sharp drop in the ISM manufacturing new orders component and weaker than expected employment report for December are potential signals that the robust economic momentum in the second half of 2013 maybe set to ease.”