Welcome, Guest | Register or Login
Jim on Facebook Jim on Twitter Jim's YouTube Channel Jim on Google+

Important Stuff


Stuff Jim Reads

Yen and most financial markets take a breather today waiting for end-of-the-week data

posted on December 3, 2013 at 7:57 pm
Print This Post

The yen is taking a bit of a breather today after hitting a six-month low against the U.S. dollar yesterday. Today’s slight rise in the yen—0.57%–takes the yen to 102.37 to the dollar. Japan’s currency is down 14% for 2013 against the U.S. dollar.

And since Tokyo stocks climb as the yen falls—on expectations that a cheap yen will create more sales overseas for Japanese companies and add to revenue and earnings as strong currencies are converted into yen for hometown balance sheets—Japanese stocks moved up to just short of a six year high for the Nikkei 225 Stock Index at a December 3 close of 15,749.70. That’s the highest level for the index since December 12, 2007.

The pause for the yen—and most likely for Japanese stocks too—comes as investors and traders wait to see what the European Central Bank will do on rates at its Thursday, December 5 meeting. The central bank is most likely to stand pat rather than cut interest rates at the meeting.

Investors and traders are also waiting on U.S. jobs data due on Friday, December 6. In October the U.S. economy added 204,000 jobs and a number significantly above that report would add to fears that the Federal Reserve will move to begin tapering off its $85 billion a month in asset purchases with its December 18 meeting. Economists surveyed by Bloomberg are projecting that the U.S. economy added 181,000 jobs in November.

Right now it looks like investors and traders in Japan—and in Europe and the United States—are in a wait and see/protect the profits mode in front of the Thursday and Friday news.

Related Posts

No related posts.


  • dxia on 4 December 2013

    Data are good so far. If we have the same kind of data for the rest of the week. S&P will probably reach 1850 by the end of the year.

  • dxia on 4 December 2013

    I’ve increased my long to 105% this morning. Just want to let you know what a typical trade is doing these days.

  • dxia on 4 December 2013

    Sorry for the typo. It should be “a typical trader”.

Post a comment

You need to login in order to post a comment.

Comments that include profanity, or personal attacks, or antisocial behavior such as "spamming" or "trolling," or other inappropriate comments or material will be removed from the site. We will take steps to block users who violate any of our terms of use. You are fully responsible for the content that you post.

Jubak in your Inbox

Get Email Alerts

Sign up now and download Jim's latest Special Report

Get the RSS feed

Quick Quote

Quotes provided by Yahoo! Finance and are delayed up to 20 minutes.