Good days seem few and far between for the Japanese yen nowadays, and unfortunately yesterday was part of the far between period – with the yen falling almost one cent against sterling – not faring much better against the dollar. Perhaps they are feeling the effects of the crash of the Shanghai Composite? After all, China is now Japan’s largest export market. Today sees the release of the Retail Sales data in Japan, with levels expected to be almost 2% below last year’s figures.
The Swiss franc also struggled yesterday, hitting a 4-month low against sterling; with the currency now trading above the 1.5 mark. This month alone has shown a 4% shift in the franc, and further volatility can be expected, thanks to the Swiss currency’s tight relationship with the euro. We have already seen at the start of the year the impact that movement in the Swiss franc can have on the euro and other closely-linked currencies, so the markets are watching carefully for new developments. Today’s release of the UBS Consumption Indicator is the only data release of note – but this isn’t expected to have that much of an effect.
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