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JPY Daily News
USD/JPY Surges
The dollar was up on the yen yesterday with the USD/JPY trading up from a three week low. Driving the pair higher was the extension of US tax cuts in a deal struck by US President Obama and Congress. This helped to increase expectations of economic improvement in the US economy, boosting the rate of the dollar.
The USD/JPY finished the day up sharply at 83.55 after opening the day at 82.44.
In early Asian trading, Japanese machine orders fell by 1.4% on expectations of no change. Also the Japanese current account registered a decline of 1.46 trillion. This highlights a drop in Japanese exports that may be due to both a slowing Japanese economy as well as a stronger yen. A strong local currency makes exports more expensive in overseas markets, thereby reducing export activity.
Further declines in the yen may be seen as the USD/JPY appears to be on its way to a close above the resistance level of 82.35. The next target should be last week's high at a price of 84.40.
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Print| # | Time | $€£¥ | Event | Per. | Prev. | Fore. | Act. | Imp. |
|---|---|---|---|---|---|---|---|---|
| 12/08 | ||||||||
| 05:00 | JPY |  Economy Watchers Sentiment | 40.2 | 42.1 | 43.6 |  | ||
| 23:50 | JPY | Final GDP | q/q | 0.9% | 1.0% | 1.1% |  | |
| 23:50 | JPY | Final GDP Price Index | y/y | -2.0% | -2.0% | -2.4% | | |
