Friday, 29 September 2017

What’s next? – USDJPY 29.09.17

Posted by Valentine at 11:07 Labels:

USDJPY

The dollar/yen was 0.31 percent up as of 05:30 GMT on Friday to trade at 112.67, with market players digesting mixed economic data from Japan and as the dollar extended gains.

Household spending in Japan increased by 0.2 percent in August, outperforming expectation for a 0.2 percent decline and a prior 1.9 percent draw in monthly terms.

The jobs/applications ratio for August came in at 1.52, a tick down from an originally estimated 1.53 reading, showing no changes from the previous month.

In a separate report, the consumer price index for August met analysts’ predictions at a 0.7 percent growth rate, up from a previous month 0.5 percent build.

Japan’s industrial production grew by 2.1 percent in August, also above a forecasted 1.9 percent increase and correcting a prior 0.8 percent decline. Retail sales for August rose by 1.7 percent, falling short from a 2.6 percent increase seen and a prior 1.8 percent.

The US dollar index, which gauges the greenback against a basket of six major rivals, was trading at 93.05 by the time of this writing, adding 0.13 percent.
The American currency was boosted by the final revision on the second quarter gross domestic product, which exposed a 3.1 percent economic expansion, outperforming a forecasted 3.0 pct.

The goods trade balance for August came in at a $62.94 billion deficit, according to  the US Commerce Department. Initial jobless claims rose by 12,000 to a seasonally adjusted 272K.

According to Fed funds tracked by CME Group’s FedWatch tool, traders are currently pricing in a 71.4 percent probability of a 25 basis points rate hike by December.

Ahead in the day, traders will be focusing on the PCE price index, personal spending figures and consumer sentiment from Michigan University.

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