Japanese Yen Uninspired By Eco Watchers Survey Release

By Eric Andersen,

THE TAKEAWAY : Eco Watchers Survey Slightly Below Expectations > Traders Unfazed by Small Deviation from Forecast > USDJPY Trades Sideways

Data released by the Japanese Economic and Social Research Institute showed that business confidence rose in the month of February among workers in cyclical market sectors. The Eco Watchers Survey current index rose to 45.9 from 44.1, falling slightly short of analysts’ expectations of 46. The outlook index rose to 50.1 from 47.1.

Traders had already priced in their expectations regarding the figures, so the data’s release led to no major portfolio rebalancing. The slight shortfall of the current index did not faze the markets. The USDJPY maintained its trendless trading.
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Original Article: http://www.dailyfx.com/forex/market_alert/2012/03/08/Japanese_Yen_Uninspired_by_Eco_Watchers_Survey_Release.html

DailyFX is the forex news and research arm of FXCM (NYSE: FXCM), which provides currency trading and brokerage services and is an advertiser on TheStreet websites. Any opinions, news, research, analyses, prices, or other information is provided as general market commentary, and does not constitute investment advice. Dailyfx will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Currency trading involves significant risk of loss. Individual authors may hold positions in the currencies discussed in the article.