Source: ForexYard
The US dollar was able to correct some of its recent losses against the Japanese yen during the overnight session, as renewed speculations that the Bank of Japan will initiate a new round of monetary easing in the near future weighed down on the JPY. The USD/JPY advanced more than 80 pips during Asian trading and is currently trading at 87.60.
A slow news day yesterday resulted in the EUR/USD, crude oil and gold seeing little movement during overnight trading.
Main News for Today
German Industrial Production- 11:00 GMT
• Analysts are forecasting the figure to come in at 1.1%, significantly higher than last month’s -2.6%
• Better than expected news could result in gains for the euro during mid-day trading
US Crude Oil Inventories- 15:30 GMT
• Analysts are forecasting today’s figure to come in at 0.9M, which if true, may be taken as a sign of weakened demand in the US and could lead to a drop in oil prices during afternoon trading
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