Daily Update
In the early morning Japan released industrial production, large retailer’s sales, and retail trade reports. All the reports has shown positive figures. According to the results of the December survey of manufacturer’s forecasts for industrial production, output is expected to rise 2.0% in December and increase 2.2% in January 2017. The outlook for Japanese yen looks promising amidst it’s poor performance during last few weeks, largely thanks to these reports and positive comments made by BOJ Governor Kuroda on Tuesday. The surprise decline in pending home sales combined with a sharp drop in U.S. yields sent the dollar tumbling against the Japanese Yen. However even with this decline the greenback managed to end the day in positive territory versus euro, sterling and Swiss Franc. The worst performing currency yesterday was the euro but thanks to a late day U.S. dollar sell-off, the EUR/AED pair managed to hold above 3.83. In terms of economic data, today is a big day for EUR & USD. During the midday, France will release Consumer Price Index. It measures the price movements by the comparison between the retail prices of a representative shopping basket of goods and services. It is the key indicator to measure inflation and changes in purchasing trends. Later in the evening US will release Initial Jobless Claims. This is a measure of the number of people filing first-time claims for state unemployment insurance. In other words, it provides a measure of strength in the labor market. This will be followed by EIA Crude Oil Stocks change report is a weekly measure of the change in the number of barrels in stock of crude oil and its derivates. This report tends to generate large price volatility, as oil prices impact on worldwide economies, affecting the most, commodity related currencies such as the Canadian dollar.Yesterday's Market
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