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Forex - Yen holds steady to stronger on retail sales jump

Published 11/29/2015, 06:53 PM
Updated 11/29/2015, 06:55 PM
Yen hols steady to stronger on retail sales

Yen hols steady to stronger on retail sales

Investing.com - The yen held steady to stronger in Asia on Monday after a surprise spike in retail sales offset weaker than expected industrial production in October.

In Japan, industrial production for October rose 1.4% month-on-month, below the 1.9% gain seen, while retail sales jumped 1.8%, well above the 0.8% year-on-year increase expected.

In Australia, the MI inflation gauge showed a reading of 0.1%. As well, HIA new home sales are due month-on-month for October with the previous reading down 4.0%.

Further ahead, Australia reports business inventories for the third quarter, seen up 0.1% month-on-month, company gross operating profits seen up 1.0% quarter-on-quarter, and housing credit for October and private sector credit, expected up 0.6% month-on-month.

New Zealand business confidence for November compiled by ANZ Bank came in at 14.6%, down from the 15% seen, but well above the 10.5% in October.

In the week ahead, investors will focus on Friday’s U.S. nonfarm payrolls report for November, the last jobs report before the Federal Reserve decides on interest rates at its December 15-16 meeting.

The outcome of Thursday’s European Central Bank meeting will also be in focus amid speculation the central bank could ramp up its monetary stimulus program.

On Monday in the euro area, Germany is to release preliminary data on inflation as well as a report on retail sales.

The U.S. is to publish a report on manufacturing activity in the Chicago region as well as private sector data on pending home sales.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was quoted up 0.13% at 100.19.

Last week, the U.S. dollar rose to a more than eight-month peak against its major counterparts on Friday, as demand for the greenback remained underpinned amid growing confidence the Federal Reserve will raise interest rates when in meets next month.

The greenback remained broadly supported after a string of upbeat U.S. data released over the week added to expectations that the Federal Reserve will raise interest rates next month.

Over the last few weeks, ECB president Mario Draghi has sent strong indications that the central bank could increase the scope of its €60 billion a month quantitative easing program at the December meeting.

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