Yen Exchange Rate Gains; Michigan Sentiment in Focus

On Friday, the yen exchange rate clings to its gains as traders focus on the release of US Michigan consumer sentiment today.

The yen exchange rate hiked 0.26% or 0.28 points to $109.99 per share.

Accordingly, the recent increase followed the previous gain of 0.31% to $109.70 per share yesterday.

Moreover, investors turned their attention to the Michigan consumer sentiment, which rates the relative level of current and future economic conditions. 

The forecasted September sentiment jumped to 72.00 from the previous number of 70.30.

In addition, traders look forward to Michigan inflation expectations as it posted 4.60% last August.

Also, investors turned their attention to the upcoming Federal Reserve meeting next week.

Subsequently, market participants expected clues about the announcement of the asset tapering timeline. 

Furthermore, the yen exchange rate reflected a little reaction as the 2020 Liberal Democratic Party race formally kicked off today.

Consequently, Japan’s prime minister candidates launched their campaigns as they vowed to create a more unified nation. 

Meanwhile, the greenback edged lower as the US dollar index shed 0.14% to $2.81.

Yesterday, the USD increased from positive retail sales as it hiked 0.35% to $92.87.

Then, the Singapore dollar improved 0.03% to $1.35, as the Hong Kong dollar rose 0.02% to $7.78.

Similarly, the Australian dollar increased 0.23% to $0.73 as the New Zealand dollar climbed 0.07% to $0.70.

Meanwhile, the Chinese yuan declined 0.02% to $6.46 as the Indian rupee plunged 0.10% to $73.50.

Likewise, the Swiss franc edged down 0.04% or $0.93 as the Canadian dollar plummeted 0.17% to $0.27 per share. 

Euro to Dollar Exchange Rate Up as Yen Hiked

Moreover, the euro to dollar exchange rate inched up as the yen exchange rate hiked. 

The euro surged 0.15% to $1.18 as it recovered from its sharp loss of 0.43% to $1.17 yesterday. 

Accordingly, the Eurozone consumer price index soared 3.00% from the previous rate of 2.20%.

Then, the August CPI met the market estimates, which pushed the recent gains of the single currency. 

In addition, the core consumer price index posted 1.60%, which is equivalent to the previous and expected figures. 

Elsewhere, the EUR against CHF currency improved 0.01% to $1.09.

Moreover, the EUR/GBP pair extended 0.08% to $0.85 as the EUR/JPY pair rose 0.36% to $129.52.