The JPY has weakened in overnight Asian trade, USD/JPY up at 94.80 from a North American close Friday around 94.30, while EUR/JPY is up at 135.90 from around 135.15.
The JPY weakness comes with general risk appetite in good shape at the start of the new week, hopes growing that the global economy is slowly hauling itself out of recession. Asian stocks have made decent gains overnight.
Thailand’s economy has emerged from it’s worst recession in 11 years, Q-2 growth up +2.3% quarter on quarter.
Back with USD/JPY, so far Japanese exporter selling up at 94.85/90 have capped the rally.
In the UK, the Institute of Chartered Accountants in England and Wales reports that UK business confidence has turned positive for first time in 2 years, with the business confidence monitor (BCM) showing a record rise to +4.8 from -28.2. This is the biggest quarterly improvement since the monitor began in 2003.
Precious little in the way of European economic data today:
09:00 GMT: Euro zone industrial orders (June) expected +1.6% m/m, -28.6% y/y
