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Japanese Yen Shrugs At PMI Gains, USDJPY Downtrend Endures
The Japanese Yen was steady in a Thanksgiving-thinned market to news that its home nation’s manufacturing sector remains in rude health. The Purchasing Managers Index for November came in at 53.8. That was the highest print since March 2014 and a full point above October’s 52.8. In the logic of PMI releases any reading above 50 signifies expansion for the sector in question. IHS Markit which compiles the survey said that new orders increased strongly, “underpinned by business from abroad amid recent yen weakness.” However, it also noted input price inflation rising to a 35-month high thanks to that same ... (full story)