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The yen's strength has led to declines in GBP/JPY and EUR/JPY, with GBP/JPY unable to maintain recent gains and testing support at ¥194.00. EUR/JPY has also dropped, with potential targets at ¥162.00 and ¥158.00. Meanwhile, EUR/GBP continues to fall, aiming for £0.83 and the November low at £0.8260, reflecting a persistent bearish trend.
EUR/USD remains under bearish pressure, trading below 1.0550 amid mixed US economic data, while GBP/USD stabilizes near 1.2650 despite ongoing geopolitical tensions. Norinchukin Bank in Japan anticipates significant losses due to rising global interest rates, prompting asset disposals to mitigate risks. The dollar index holds steady, with gold prices rising significantly.
Global indices, including the FTSE 100, S&P 500, and Nikkei 225, are facing early pressure following Nvidia's recent earnings report, contributing to a cautious market sentiment. The FTSE 100 has fluctuated around 8100, with resistance noted below 8200 and support at 8300. The S&P 500 shows indecision, maintaining a short-term low near 5850, while the Nikkei 225 has dropped, with critical support at 37,700.
Bank of Japan Governor Kazuo Ueda indicated that the upcoming monetary policy meeting in December will feature a live discussion on the possibility of raising interest rates. He emphasized the unpredictability of the meeting's outcome, noting that significant data will emerge in the month leading up to it.
Japanese Prime Minister Shigeru Ishiba is poised to announce a ¥21.9 trillion ($140 billion) economic stimulus package aimed at tackling inflation and promoting wage growth, as reported by NHK. This package includes ¥13.9 trillion from the general account and is slightly larger than last year's fiscal spending initiative. When combined with private sector contributions, the total impact is anticipated to reach approximately ¥39 trillion.
Dollar strength is impacting EUR/USD and GBP/USD, while pushing USD/JPY higher. EUR/USD is testing the $1.06 level, needing to close above it for a potential recovery, while GBP/USD eyes $1.2860 for support. USD/JPY continues its rally, but risks Japanese FX intervention if it persists.
Effissimo Capital Management Pte has stirred speculation in Tokyo's financial circles with its acquisition of a 2.5% stake in Nissan Motor Co. This investment led to a significant surge in Nissan's shares, which rose 13% on November 12, marking the largest one-day gain in 15 years.
Home prices in major Asian markets are projected to rise in 2025, with Hong Kong expected to lead the gains, potentially increasing by up to 10%. Australia’s residential prices are forecasted to grow by 7% to 8%, while Singapore and Japan may see more modest increases of 3% and 2%, respectively.
U.S. markets rebounded from geopolitical tensions, with Nvidia"s upcoming earnings report taking center stage, driving its shares up 4.9%. Analysts believe Nvidia"s performance will significantly impact the S&P 500, overshadowing other economic indicators. Meanwhile, Japan"s exports showed signs of recovery, and Burberry"s stock outlook improved following a strategic revamp.
Japanese Prime Minister Shigeru Ishiba has reached an agreement with a key opposition party to include tax cut discussions in his economic stimulus package. The plan will address raising the tax-free income ceiling from ¥1.03 million and consider cutting gasoline taxes, as proposed by the Democratic Party for the People.
Japanese Yen
Currency
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
yen strength impacts gbp jpy and eur jpy as euro declines against pound
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