Mon, 27 Dec 2010 00:00:00 +0100

JPY Likely to Make Gains in Slow News Day

Analysts are predicting the yen to come out on top today, as the combination of a slow news day and persistent euro-zone debt worries may turn investors to the safe-haven currency. There have already been some small signs in overnight trading that the JPY has bullish momentum. The GBP/JPY is already down almost 30 pips from when markets opened for the week. Currently the pair is trading at around the 127.75 level. Traders will want to pay attention to a batch of Japanese news events scheduled to be released later tonight. In particular, traders will want to keep an eye on the Household Spending and Retail Sales figure, scheduled to be released at 23:30 and 23:50 GMT. With analysts calling for positive figures for both indicators, the yen is likely to see further gains throughout the day.

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