Oil woes hit yen

Oil-inspired woes sapped enthusiasm in the FX markets last week. A stronger than excepted diffusion indicator reflecting a pick up in activity over Q3 could not fail to disguise the modest drop off in activity expected by firms in Q4. With oil on the market’s mind, this must surely be first hand evidence of high oil prices taking their toll.

Accordingly, the yen’s gains on the back of the Tankan corporate confidence report were fleeting with dollar/yen back in the vicinity of its pre-Tankan

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