The yen is tumbling

Japanese yen is tumbling.

The currency is down 0.8% at 101.47 per dollar as of 7:19 a.m. ET.

Earlier in the day, data showed that Japan’s retail sales fell 2.1% year-over-year in August, below expectations of a 1.8% drop. On a month-over-month basis, retail sales fell by 1.1% in August.

This was the first drop in three months.

“Admittedly, retail sales have not been a particularly good guide to changes in overall consumer spending,” noted Marcel Thieliant in note to clients. “Tomorrow’s data on ‘core’ household spending have done a better job.”

As for the rest of the world, here’s the scoreboard as of 7:35 a.m. ET:

  • The Russian ruble is down 0.2% at 63.1644 per dollar after surging by 1.3% on Wednesday, getting close to 63.0000 per dollar, following the OPEC deal announcement. And that’s notable because, as Bloomberg’s Ksenia Galouchko pointed out: “The last time it traded at that level President Vladimir Putin warned his prime minister that the currency’s strength needed to be watched. The remarks sparked a 6 per cent tumble over the next two weeks.”
  • The euro is little changed at 1.1220 against the dollar after the number of unemployed people in Germany rose by 1,000 in September. Meanwhile, economists were expecting the number to drop by 5,000. The seasonally adjusted unemployment rate held steady at 6.1%.
  • The US dollar index is little changed at 95.48 ahead of a busy day: GDP, wholesale inventories, and initial jobless claims will be out at 8:30 a.m. ET. And after that, we’ll have pending home sales at 10 a.m. ET.
  • The British pound is little changed at 1.3022 against the dollar.

NOW WATCH: STIGLITZ: The Fed could more than double its inflation target

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at