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The yen strengthened against the dollar at the start of the week despite weak Japanese data. November industrial production fell 0.5% month-on-month, and the METI capacity utilization rate dropped 2.9% to 92.6.
Japan also reported a second COVID-19 wave, with daily new cases topping 5,000.
Weak growth data and the pandemic ordinarily point toward looser policy and a weaker currency, so the yen's rise reflects safe-haven demand instead. The episode has little direct effect on feed commodity prices.
fxdailyreport.comDaffa ZakyJan 18, 2021Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
