FXstreet.com (London) - Asian markets today have been largely driven by a weaker Yen bolstering exporter stocks and resources stocks shedding points as fallout from weakening commodities prices on Friday. The result of these two duelling forces is a relatively bullish Nikkei up nearly 1% on the day. Other Asian stockmarkets have been mixed.
Yen will take cues from further information flow on the state of the world economy, which will come from consumer spending and employment related news. In the later stages of the Asian session clues to how London will behave at the open are limited.
Japanese Yen is currently trading at 88.87/88 against the dollar and like all the other dollar pairs has traded tightly range-bound in this session (89.75-90.05), with market staying very soft since an early move against the dollar in the opening hours. Volatility in Yen is reported to have been heavily bought on Friday, so at least a few major market players are expect a break out of the current range.