The Japanese yen is listless on Monday, as the pair trades slightly above the 104 line in the European session. On the release front, Tertiary Industry Activity disappointed, coming in at -0.1% in July. Consumer Confidence showed little change, missing expectations. In the US, there are no economic releases to start off the week. The sole US event on Monday is a speech by Federal Reserve Governor Stanley Fischer, who will speak at a conference in Tokyo.
Japanese releases started off the week with disappointing numbers. Tertiary Industry Activity, an important manufacturing indicator, posted a decline of 0.1%, short of the estimate of a 0.2% gain. This weak reading was a sharp drop from the strong gain of 0.9% a month earlier. Elsewhere, Consumer Confidence came in at 41.5 points, short of the forecast of 42.3 points. The good news is that the indicator has moved upwards for three consecutive months. We’ll get a look at the BOJ minutes on Tuesday.