The Japanese yen strengthened slightly against the pound yesterday despite somewhat negative confidence surveys. This strengthening could be tied to the yen’s safe haven status as the Swiss franc also strengthened as the dollar weakened throughout the day. With no significant data releases from Japan tomorrow only a change in investor risk appetite is likely to impact the yen.
The South African rand fell against the pound on Monday as the effects of the Platinum miners’ strike continue to effect the economy. Combined with a fall in commodity prices following weaker-than-expected industrial production data from the Eurozone the outlook does not look good in the short term for the rand. The Hungarian forint fell by over a percent in relation to the pound yesterday largely due to political sentiment and the country’s dependency on external funding. Today’s new loans figures from the People’s Bank of China are likely to have significant effect on the value of renminbi.
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