EUR/JPY Daily Japanese yen

 EUR/JPY   Daily
13::30 GMT - Mon.'s run up topped in the pm. but that high has now beenexceeded as 137 is pressed- the EUR's now about half way back through last week's decline but a consolidation above 136.50 will keep the EUR bullish for later pm./ Wed.

The Japanese yen continues to shrink, as USD/JPY trades just above the 106 line in Tuesday’s European session. The last time the pair was at these levels was in October 2008. Japanese Tertiary Industry Activity continued to sputter, posting a flat reading of 0.0%. The BoJ minutes stated that policymakers were concerned with inflation levels. On Tuesday, we’ll get a look at Japanese Core Machinery Orders, an important manufacturing indicator. In the US, today’s highlight is JOLTS Jobs Openings. The employment indicator has improved over three consecutive releases, and the upward swing is expected to continue, with an estimate of 4.72M.
The BoJ minutes did not contain any surprises, coming on the heels of a policy meeting in which the BoJ unanimously decided to maintain its current monetary policy. Policy makers stated that inflation levels should be carefully assessed as to whether inflation will reach the 2% target in 2015. On an optimistic note, the minutes stated that economic growth and inflation were in line with forecasts.

Brent crude

Brent crude fell below $100 a barrel for the first time since June 2013, as a slowdown in imports into China reinforced signs of surplus oil supply. West Texas Intermediate dropped to the lowest in almost eight months.
The global benchmark slipped as much as $1.10, or 1.1 percent, to $99.72 a barrel in London. The last time it traded below $100 was June 24, 2013. China's purchases declined 2.4 percent in August, compared with a 1.6 percent drop in July, data from the Beijing-based customs administration show. Chinese exports rose by 9.4 percent.
Oil markets in the U.S. and Europe face a glut amid constrained consumption and the recovery of supplies from Libya, according to the International Energy Agency, the Paris-based adviser to 29 nations. Growth in China, the world second-biggest oil consumer, will drop to 7.4 percent this year, the weakest pace since 1990, according to economist estimates compiled by Bloomberg. It will slide to 7.2 percent in 2015.

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Equities Day trading

USD/JPY

USD/JPY continues to lose ground on Wednesday, as the pair trades at the 105 line late in the European session. In the US, there are no major US events on the calendar. There are no Japanese releases on Wednesday, but the markets will be keeping a close eye on the Bank of Japan, as the central bank releases its monetary policy statement early Thursday.
Recent Japanese numbers have been steady, so the markets are not expecting any surprises from upcoming BOJ minutes. July’s inflation numbers were strong and met expectations, as taming deflation has become one of the government’s major economic success stories. Capital Spending hit 3.0% in August, well short of the forecast of 3.8%. Average Cash Earnings, which measures employment income, shot up 2.6% last month, crushing the estimate of 0.9%.
Despite the fact that recent Japanese data has been solid, the yen has been unable to hold its ground against the dollar, thanks to excellent US numbers. On Tuesday, ISM Manufacturing PMI impressed the markets, climbing to 59.0 points, its best showing since April 2011. The index easily beat the estimate of 57.0 points. The strong showing follows an unexpectedly strong GDP, which hit 4.2%. With the US economy moving forward at a fast clip, the US dollar has taken full advantage and has made broad gains this week against its major rivals.

Office for National Statistics

The Office for National Statistics has revised up its estimates for UK Gross Domestic Product during and after the recession.
The change comes after estimates of proceeds from charities, illegal drugs, and prostitution were included in the official figures for the first time.
Growth has been revised up by 0.1 percentage points per year between 1997 and 2012.
The ONS also suggested the recession ended in the third quarter of 2013. Previously it had suggested the recession carried on until the second quarter of 2014.The changes to the way the ONS calculates GDP show that the economy shrank by up to 6% in the recession, rather than the previous “peak-to-trough” estimate of 7.2%.The revisions for 1997 to 2012 show that the size of the economy was on average 4% – or 50bn – larger than previously thought each year.