Poor data undermines the Japanese yen

Elsewhere yesterday, we saw the Japanese yen struggle as consumer confidence figures from the nation came in worse than forecast. The weak data from Japan, combined with signs of sustained growth in the US caused the yen to fall to a two month lows against the US dollar. Significant sterling weakness, however, meant that the yen was still up on the British pound. The Canadian dollar also struggled yesterday. reaching the lowest levels in two months against its US counterpart as rumours spread through the market that recent US economic strength with prompt the Federal Reserve to taper it’s quantitative easing program. The Australian dollar also suffered as markets weighed up the growth prospects for China, Australia’s biggest trading partner, before the four-day Communist Party summit ended yesterday. Early this morning in New Zealand we had statement from the Governor of the central bank, and late this evening we also have retail figures out of New Zealand. Get in touch with your trader for a live rate.