The USD/JPY pair dropped for the third consecutive day as the dollar lost momentum against major currencies, as the current market sentiment indicates some stability before the EU summit in Brussels.
The greenback retreated against the euro and other major currencies, as expectations refer that the EU leaders may boost the stimulus in order to provide more liquidity to the financial market and contain the crisis.
The Japanese currency is considered a parameter for the confidence in the financial market and since the yen is falling against other majors, it considers a sign for confidence before the EU summit yet the gains are still seen against the dollar.
On Thursday at 23:50 GMT (Wednesday), Japan will release the Current Account Total for October, with a previous surplus of 1584.8 billion yen which is expected to retreat to a surplus of 1452.2 billion.
The Adjusted Current Account Total for October is expected to show a surplus of 941.0 billion yen from the prior reading of 1186.6 billion yen, while the Trade Balance is expected to show a surplus of 343.3 billion yen from the previous surplus of 373.2 billion.
At 23:50 GMT the Japanese Machine Orders for October will be published, where it’s expected to come at –7.1% from the prior -8.2%, while the annual Machine Orders is expected to come at 10.6% from the prior 9.8%.
Japan will issue Eco Watchers Survey: Current for November which had a prior reading of 45.9 and its expected to come at 46.5, while the Eco Watchers Survey: Outlook for November had a prior reading of 45.9.
At 13:30 GMT, U.S. economy will issue its weekly initial claims numbers, where the number of people filing for first-time claims for the state unemployment insurance increased 402 thousand last week.
The Wholesale Inventories for October will be published at 15:00 GMT, where it’s expected to come at 0.3% compare to the previous reading of –0.1%.