020 7898 0500- The Japanese Yen has begun to stabilise and fight back from six-year lows against sterling and seven-year lows against the US dollar. The currency has been in a constant spiral since the Bank of Japan unexpectedly decided to increase its monetary stimulus. This may only be short-term relief for the yen as reports from the Japanese economy could point to weak data, and the country may have to brace itself for another increase in sale tax next year.
- Good news for the Canadian dollar was halted as it failed to rebound convincingly from its current five-year lows against the US dollar due to weak oil prices. The currency continues to suffer as the Canadian economy continues to fall behind the US dollar. The Canadian currency did strengthen against sterling, but this was due to poor UK data. The currency is likely to stay in the current range until the release of inflation figures next Friday.
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