Currencies news – Daily Report: Yen Up Mildly, Dollar Steady ahead of US GDP
Yen strengthen broadly today as risk sentiments are hit by disappointing production data from Japan and Korea. Asian equities are broadly lower also as investors lighten their positions ahead of Q3 GDP data from US today as well as a line of event risks next week. Yen is also lifted mildly by quarter end repatriation. Dollar’s overnight loss was limited and has kept it in range against most major currencies. Q3 GDP in US is expected to show stronger growth of 2.2% annualized and might trigger some volatility in the markets. But it’s believed that reaction to the GDP data would be short-lived as markets are having their mind on next week’s FOMC QE II announcement.

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