Morning Market Update – Japanese Yen in Trouble

We begin the week with South Korea’s Producer Price Index Growth (YoY) dropping down from a previous value of 4% to 3.5%. New Zealand continues its growth with New Zealand’s Westpac consumer survey rising up to 113.4 in the second quarter from a previous value of 111.9.

Yen’s data results were not in line with expectations as the Japan Merchandise Trade Balance Total came in at ¥-203.4B and went down below expectations with a value of ¥76B. Japanese Imports (YoY) registered at 17.8% and Japanese Exports (YoY) went down below forecasts with a value of 16.1% in May: Actual (14.9%).

Australian reports revealed they have done well with the Australian New Motor Vehicle Sales (MoM) rising up from a previous value of 0.3% to 2.9% and Australian New Motor Vehicle Sales (YoY) rising up from a previous value of 0.1% to 4.9%.

The People’s Bank of China set the Yuan reference rate at 6.7972 versus Friday’s fix of 6.7995.
China’s Housing Price Index dropped down from a previous value of 10.7% to 10.4% in May.
The only major news comes from German Buba President Weidmann’s speech today.
For more detailed analysis from the author, please visit NoaFX.