- The Japanese yen had a successful end to the week, achieving, in particular, 2% gains against the euro, in line with the majority of currencies, but this was largely down to euro weakness following the European Central Bank (ECB)’s quantitative easing announcement last week. At the moment the yen seems to have benefitted from the uncertainty surrounding the question of whether the Japanese central bank is likely to try and stimulate the economy further. Market fluctuations in 2015 for most major currencies has largely benefitted the yen, given its status as a safe haven currency. We could be in for an exciting week this week as there is a fair bit of data from Japan.
- The Australian dollar gained on Friday after a gauge on Chinese manufacturing showed hints of an improvement. The January initial estimate came in at 49.8, compared to December’s final of 49.6. The country sees two big data releases this week, in the form of business confidence out very early Tuesday morning and the Consumer Price Index (a measure of inflation) on Wednesday.
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