USDJPY Yen Edges Higher Ahead of Consumer Spending
- Buz Investors Yen Edges Higher This morning, at 10:40 GMT, the US Dollar is trading at 117.29 against the Yen, marginally higher from the New York close,
- after overnight data indicated that Japan’s jobless rate unexpectedly edged higher to 3.1% in November, while the national consumer prices surprisingly advanced by 0.5% in the same month. During the session, the pair traded at a high of 117.45 and a low of 116.97.
- On Friday, the US Dollar traded marginally lower against the Yen in the New York session and ended at 117.28. The pair is expected to its find support at 117.02 and its first resistance at 117.50.
Yen Edges Higher
Yen Edges Higher USD/JPY is showing little movement in the Tuesday session, as the pair trades at 117.30. On the release front, Japanese Household Spending and Tokyo Core CPI both missed their estimates. In the US, today’s highlight is CB Consumer Confidence, with the indicator expected to climb to 108.9 points. On Wednesday, the US releases Pending Home Sales, with the markets anticipating a strong gain of 0.6%.
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Yen Edges Higher
Japanese indicators started the week on a sour note, as consumer data was soft. Household Spending declined 1.5%, marking a ninth straight decline. The markets had predicted a small gain of 0.2%. The Japanese economy continues to grapple with deflation, as underscored by Tokyo Core CPI. The key indicator came in at -0.6%, weaker than the estimate of -0.4%. The BoJ continues to cling to its inflation target of 2.0%, but this goal is unlikely to be realized anytime soon. At the same time, the Japanese yen has weakened and if the currency continues to head south, inflation levels could move higher.
The US economy continues to expand at a brisk clip, as underscored by the most recent revision to third quarter GDP. The Final GDP reading of 3.5% beat the estimate of 3.2%. This figure marked an upward revision of the previous GDP estimate of 3.2%.
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