Holiday Lull Continues in Asia

Tuesday, 26 December 2017 7:13

By: DailyForex.com

Positive data out of Japan on Tuesday did little to move the markets as thin post-holiday trading continued, and traders seemed to relish their end-of-year vacation. Japan’s Nikkei 225 was down 0.19 percent as of 1:48 p.m. HK/SIN on Tuesday, while South Korea’s Kospi gained 0.03 percent and the Shanghai Composite was 0.27 percent higher. Hong Kong and Australia’s markets were closed on Tuesday and many European markets will also enjoy an extended holiday later today.

Japanese data showed that core consumer prices were up for the 11th consecutive month and that household spending was also higher in November. This upbeat data encouraged analysts and traders that the country’s rebounding economy will see price increases, even though the Bank of Japan commented last week that it will take some time before its easy money policy is curbed. Japan’s inflation rate remains far from the BOJ’s 2 percent target.

The dollar was relatively stable against the yen, up a modest 0.03 percent to 113.28. The greenback was also steady against the euro, trading at $1.187. With little news expected this week and traders worldwide tending to sit out during the holiday season, little volatility is expected before the new year for fiat currencies. Bitcoin, however, did see typical fluctuations yesterday, rebounding to $15,362.68 according to Coinbase, up from close to $14,000 yesterday.

Sara Patterson has a Master’s Degree in political science and enjoys analyzing both current events and the international markets to get a fuller perspective of the currency market. Before turning to financial writing, she taught English writing skills to high-school age students. Sara’s work has been published on various financial and Forex blogs.

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