Yen Continues to Correlate with Stocks - Scotiabank
Analysts at Scotiabank noted the continued correlation between stocks and the Yen.
Key Quotes:
The Nikkei gained strongly yesterday and managed to buck the trend of mixed to weaker global stocks with a modest gain overnight.
Given that USD/JPY has generally tracked the directional influence of the equity market closely in the past few months, gains should help underpin USD/JPY (assuming no broader or deeper risk aversion trends develop today).
Japan reported a slightly lower than expected trade surplus for March earlier (JPY755bn versus 834.6bn expected)."
(Market News Provided by FXstreet)
