Against a basket of currencies, the JPY ranged at a lower price. The JPY, when paired with the USD, had a slight rebound to stand at 110.50 as earlier projected.
GBP/JPY pair came steadily after rebounding from a previous market price of 126.54 while targeting line resistance at 143.65.
While resistance stands at 121.46 for EUR/JPY pair, analysts are uncertain if the pair would break trend line resistance in conformity with the upward trend as seen in with other Yen candlesticks.
On the other end, USD had a slight rebound to subside later, as seen in its pairings against other currencies. Eyes are on EUR/AUD and AUD/USD pairs to determine the market movements of the Dollar.
Due out later today is additional manufacturing stats, in particular, US ISM manufacturing numbers, which would influence the market movements for the Dollar and other riskier assets this December.
Out already is the China Caixin Manufacturing PMI which had a 0.1 increase from the previous value of 51.7 surpassing the prediction of 51.4.
Chinese PMI manufacturing index as recounted officially had an increase of 1.9 as against the previous value of 49.3 in November, against a forecast of 49.5. The PMI Non-Manufacturing index climbed to 54.4, from October’s value of 52.8 against a forecast of 53.1. An analyst sees that investments in the manufacturing sector have steadied at a low level for a while which may be due to the ongoing trade war between the US and China.
Japanese PMI manufacturing figures stood at 48.9 in November, slightly up by 0.5 from October. Since April 2019, it had maintained less than 50 showing a downtrend continuation in the manufacturing sector. Japanese capital spending increased by 7.1 percent in the 3rd quarter, as against a forecast of 5.1 percent.
Unfavorable economic stats were released from Australia as seen in the AiG manufacturing index which touched a three year low of 48.1 in November, spiraling down from a previous figure of 51.6 showing a downturn in the manufacturing sector.
The released stats from Australia also show a drop in company gross operating profits and building permits. TD securities inflation held steady in November.
The stats released from the New Zealand Treasury showed that economic growth fell below that was predicted. The trade index also climbed by 1.9 percent in the 3rd quarter.
In the Asian stock market, Nikkei tops the lead at 1.11% while others range less than 0.5%. Japanese JGB yield rose to 0.0214 at -0.060 which also might have undermined the safe-haven JPY.
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