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US June Business Inventories Slow While Sales Plummet; USDJPY Weakens

US June Business Inventories Slow While Sales Plummet; USDJPY Weakens

Tzu-Wen Chen, Technical Strategist

THE TAKEAWAY: [US business inventories rose in June at slowest pace in nine months, while sales plummeted] > [Companies likely to place fewer orders amid decline in sales] > [USDJPY bearish]

U.S. business inventories rose in June at the slowest pace in nine months while sales plummeted, signaling further weakness at American factories. The Commerce Department released a report today that showed that inventory stockpiles edged up by 0.1 percent in June, following a 0.3 percent gain in May. The consensus forecast of economists surveyed by Bloomberg news had projected a 0.2 percent increase in inventories. Meanwhile, sales fell 1.1 percent in June, the sharpest decline since March 2009.

With the slump in sales and weakening global economies continuing to weigh on household spending, companies are likely to place fewer orders in the near term as they attempt to keep stockpiles in line with sales. On the other hand, another report released today by the Commerce Department revealed that retail sales in the U.S. rebounded in July. Retail sales jumped 0.8 percent in July after declining 0.7 percent the previous month, which could be a possible sign of a rebound for the economy in coming months.

USDJPY 1-minute Chart: August 14, 2012

US_June_Business_Inventories_Slow_While_Sales_Plummet_USDJPY_Weakens_body_Picture_1.png, US June Business Inventories Slow While Sales Plummet; USDJPY Weakens

Chart created using Market Scope – Prepared by Tzu-Wen Chen

The U.S. dollar fell against the Japanese yen ahead of the release of the business inventories report, amid market anticipation for weaker data. The greenback remained lower in the minutes following data release, and at the time that this report was written, the USDJPY pair was trading at 78.80 yen to the dollar.

--- Written by Tzu-Wen Chen, DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.