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USDJPY Tumbles As US Consumer Prices Remain Flat in July

USDJPY Tumbles As US Consumer Prices Remain Flat in July

Tzu-Wen Chen, Technical Strategist

THE TAKEAWAY: [U.S. consumer prices unchanged in July, failed to grow for fourth month] > [Easing price pressures add to expectations for further monetary easing by Federal Reserve] > [USDJPY bearish]

Consumer prices in the U.S. failed to grow for the fourth straight month, as the cost of living remained little changed in July for a second month. According to a report released today by the Labor Department, the consumer-price index remained unchanged in July from a month ago, and rose 1.4 percent from a year ago. The median forecast of economists surveyed by Bloomberg News had called for an increase of 0.2 percent from the previous month, and 1.6 percent on a yearly basis. The core index, which excludes volatile food and fuel costs, also rose less than forecast, climbing 2.1 percent year-on-year.

Inflation remains subdued, suggesting that U.S. companies are finding it difficult to raise prices as high unemployment and weak wage growth continue to temper consumer demand.

Persistent easing of price pressures adds to heightened expectations for further monetary easing by the Federal Reserve, which maintains a cautious outlook for the U.S.

USDJPY 1-minute Chart: August 15, 2012

USDJPY_Tumbles_As_US_Consumer_Prices_Remains_Flat_in_July_body_Picture_2.png, USDJPY Tumbles As US Consumer Prices Remain Flat in July

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

The U.S. dollar tumbled against the Japanese yen as the weaker inflation data adds to support for additional monetary easing by the Federal Reserve. At the time this report was written, the USDJPY had fallen by 21 pips from pre-data levels to trade lower at 78.63 yen.

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

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

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