USDJPY Yen Unchanged, Markets Eye Current Account
- Buz Investors Yen Unchanged This morning, at 10:40 GMT, the US Dollar is trading at 113.99 against the Yen, marginally higher from the New York close.
- In economic news, Japan’s preliminary coincident and leading indices climbed less-than-anticipated in October. During the session, the pair traded at a high of 114.39 and a low of 113.86.
- Yesterday, the US Dollar traded 0.16% higher against the Yen in the New York session and ended at 113.99. The pair is expected to its find support at 113.62 and its first resistance at 114.38.
Yen Unchanged USD/JPY continues to hug the 114 line in the Wednesday session. On the release front, the US releases JOLTS Job Openings, with the indicator expected to rise to 5.53 million. Japan will publish Current Account and Final GDP, with both indicators expected to improve. On Thursday, the US releases unemployment claims, with the indicator expected to rise to 272 thousand.
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In Japan, consumer indicators started the week on a sour note, as Consumer Confidence dropped to 40.9, marking its lowest level since May. Last week, consumer spending indicators disappointed, as Household Spending and Retail Sales both posted declines. The Japanese yen is down sharply in November, dropping 8.0% against the strong US dollar. The greenback has enjoyed broad gains since the election of Donald Trump and the expected rate hike by the Federal Reserve this month has bolstered the dollar. However, the markets are expecting positive news from Japanese indicators on Wednesday. The current account surplus is expected to increase and the estimate for Final GDP stands at 0.6% for the third quarter.
The Federal Reserve will meet next week and the markets have priced a rate hike at 95 percent, most likely a quarter-point increase. This would mark the first hike by the Fed since last December, and sentiment towards the US dollar remains high.
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