The Japanese yen was largely soft today as market participants felt no need for safety provided by the currency. Domestic macroeconomic data did nothing to help the currency.
Average cash earnings fell 0.1% in April, year-on-year. While not a good reading by itself, it was still a better result than a drop by 0.7% predicted by analysts and the 1.3% decline registered in March (though it itself got a positive revision from the 1.9% drop).
Household spending rose 1.3% in April over a year. That is far slower growth than 2.7% predicted by economists and 2.1% logged in the previous month.
The leading index edged down from 95.7 in March to 95.5 in April. That instead of rising to 96.1 as experts had predicted.
USD/JPY gained from 108.38 to 108.58 as of 10:23 GMT today. GBP/JPY went up from 137.55 to 138.04. CHF/JPY declined from 109.31 to 109.19.
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Japanese Yen Soft, Domestic Data Doesn’t Help
