| From rttnews.com: The Japanese yen gained some ground versus most of its major opponents in early Asian deals on Thursday. The yen traded as the manufacturing activity in Japan recovered modestly in July, but remained in a state of contraction.
The Nomura/JMMA Japan Purchasing Managers Index (PMI) increased by 0.5 points to a seasonally adjusted reading of 47.0 from the June level of 46.5. The June reading was the lowest since February 2002. The July figure was the fifth consecutive reading below the 50.0 mark. Readings below 50.0 suggest contraction in the sector.
The yen was worth 213.95 versus the pound, 168.38 versus the euro and 108.10 against the US dollar around 9:00 pm ET Wednesday. Traders are now likely to focus on Labor Cash Earnings report, one of the driving forces behind economic growth reflecting the spending ability of domestic consumers, to be released at 9:30 pm ET Wednesday......Full Article Source |