USD / JPY
Yesterday, the Japanese yen declined by 15 points on general uncertainties with the US dollar and negative macroeconomic indicators, but the stubborn growth of stock markets allowed the yen today in the Asian session to cover all yesterday's decline. The US stock index S & P500 yesterday rose by 0.33%, today the Japanese Nikkei225 adds 0.72%. Chinese China A50 is growing by 1.06%.
Japan's balance of payments in February, seasonally adjusted, declined from 2.02 trillion yen to 1.02 trillion yen with a forecast of 1.39 trillion yen. The index of household confidence in March remained at the February value of 44.3 points against expectations of growth to 44.6.
Weak data is also expected in Japan tomorrow. Basic orders in engineering in February are forecasted by a decrease of 2.4% and year on year the forecast is 0.6% y / y against 2.9% y / y earlier. The price index for corporate goods for March is expected to decrease from 2.5% y / y to 2.1% y / y. The hope of the yen, with no visible support from the Bank of Japan, remains one, the growth of stock markets. We consider this growth as the main scenario and look forward to the yen in the range of 108.00 / 50.
