- Japanese PM Kan announces that he will hold a press conference (we believe at 06:00 GMT) to outline steps to fight the rising JPY
- FinMin Noda adds the usual about taking appropriate steps ‘when necessary’
- Japan July core CPI -1.1% YoY, as expected
- Japan unemployment rate 5.2%, against 5.3% forecasts
- Japan July real household spending +1.1% YoY
- Iron Ore prices fall for third consecutive day
- Nikkei bounces back into positive territory after Kan announces press conference
It was a very quiet session which has only stuttered into a little bit of life over the last 30 minutes after PM Kan announced his press conference on how the Japanese authorities plan to fight against the rise in the Yen. The economic data earlier in the session had no effect. Ranges: USD/JPY 84.28/56, EUR/JPY 107.01/55.
EUR/USD has had a very quiet 27 pip range, falling initially along with EUR/JPY and EUR/CHF on the usual Friday risk-off trade but then recovering back to its opening level. Ranges: EUR/USD 1.2693/1.2720, EUR/CHF 1.2993/1.3030.
Cable has also enjoyed a very quiet 23 pip range, probably tired after the big exertions from yesterday. Ranges: Cable 1.5516/39, EUR/GBP .8178/94.
AUD/USD has also shown no inclination to move. Range: .8846.68
Markets: Nikkei +0.15%, Shanghai -0.3%, Others flat. Gold $1237/oz, Oil $73/bbl.