Yen Weak as Markets Remain in Risk-On Mode Ahead of NFP

The Japanese yen was soft today, falling against most of the major rivals, as markets remained in the risk-on mode despite the political turmoil in the United States. Market analysts speculated that the victory of Democrats in the US elections spurred hopes for fresh stimulus measures from the president-elect Joe Biden.
As for news from Japan itself, the Statistics Bureau of Japan reported that household spending increased by 1.1% in November instead of falling by about the same amount as analysts had predicted. The biggest contributor to the increase was education expenditure, which rose by 26.4%. The biggest drop was registered in clothing and footwear expenditure, which dropped by 16.8%.
According to a report from Cabinet Office, the Leading Index rose from 94.3% in October to 96.6% in November. The actual figure matched forecasts.
Traders wait for US nonfarm payrolls due for release at 13:30 GMT today. Experts had predicted a meager increase in employment by 60,000. The unemployment rate is expected to increase and wage inflation to slow.
Market participants will also follow the efforts to impeach US President Donald Trump.
USD/JPY rose from 103.80 to 103.88 as of 11:31 GMT today, reaching the high of 104.09 intraday. GBP/JPY rallied from 140.76 to 141.22. At the same time, EUR/JPY declined from 127.34 to 127.20, touching the low of 126.96 earlier during Friday’s trading.
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Original from: www.earnforex.com