Thursday, 14 September 2017

What’s next? – USDJPY 14.09.17

Posted by Valentine at 11:18 Labels:

USDJPY

The dollar/yen was 0.01 percent lower as of 07:05 GMT on Thursday to trade at 110.47, as traders turned their heads to US inflation data later in the day.

Earlier, market participants digested a few economic releases from Asia. China’s industrial production rose by 6 percent on yearly basis in August, below a forecasted 6.6 percent.

Fixed asset investment also missed expected values, showing a 7.8 percent advance last month, below an 8.2 percent growth rate eyed.

Retail sales came in at 10.1 percent in August year-over-year, down from an estimated increase of 10.5 percent. Meanwhile, Japan’s industrial production was aligned with expectations for a 0.8 percent decline in July, the same dynamic seen back in June.

Ahead in the day, traders will be paying attention consumer inflation data from the United States. The CPI for August will be available as of 12:30 GMT, with a 0.3 percent build eyed.

Overnight, the American currency strengthened against its Japanese counterpart as news concerning Trump’s tax plan cheered investors despite downbeat economic data.

"It's really important we lower rates, we get companies that aren't paying taxes to paying their fair share, and we get the top rates down to a lower and competitive rate," said President Trump.

US House Speaker Paul Ryan previously announced that a plan outline is set to be released on September 25. The Trump administration is using the Harvey devastation as a selling point for the reform, explaining it will contribute to recover the economy faster.

The dollar had eased following the release of the US producer price index, which came in below expectations. Prices rose by 0.2 percent, below an initially forecasted 0.3 percent increase.

Market sentiment continued to recover in the light of hurricane Irma’s damages, which seem to be less critical than predicted by insurance experts in previous days.

While there were no developments on the Korean crisis, President Trump said that UN Security Council sanctions against Pyongyang were “nothing compared to ultimately what will have to happen” to fight Kim Jong Un’s nuclear program.

No comments :

Post a Comment

Subscribe to: Post Comments ( Atom )