On Monday, the USD/JPY pair is trading a little bit to the upside, but the activity is very low.
The Japanese Yen is weakening a bit in the pair with the USD at the beginning of the week. The current quote for the instrument is 103.93.
According to the statistics published today, the Flash Manufacturing PMI in Japan in October increased up to 51.1 points after 50.4 points in September. The corresponding observations from Nikkei and Markit say the growth of the indicator means that optimism and confidence in the manufacturing sector is improving. For Japanese economy, it’s a good sign.
The current statistics turned out to be the most significant over the last 9 months. Next week, the Final Manufacturing PMI will be published, but it’s very unlikely to differ from today’s numbers. Given that the October Manufacturing PMI is strong so far, the overall report regarding the manufacturing sector might be rather strong as well. This, in its turn, will serve as a foundation for the country’s GDP.
Overall, at the beginning of the week, the situation on the currency market looks calm and quiet. The market is a bit tired of fluctuations and, due to the informational stillness, trading in narrow ranges.
RoboForex Analytical Department
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