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USDJPY Climbs As U.S. Leading Economic Indicators Rebound in July

USDJPY Climbs As U.S. Leading Economic Indicators Rebound in July

Tzu-Wen Chen, Technical Strategist

THE TAKEAWAY: [US leading economic indicator rebounds in July] > [Building permits rise, jobless claims drop] > [USDJPY bullish]

The index of U.S. leading economic indicators rebounded more than forecast in July, as housing permits rose and new claims for jobless benefits fell. The Conference Board’s gauge of the outlook for the next three to six months climbed 0.4 percent in July after a downwardly revised 0.4 percent decline the previous month. The consensus forecast of 46 economists surveyed by Bloomberg News had projected a 0.2 percent rise.

The improvement in economic outlook was led by a drop in jobless claims and a pickup in home-building permits, each of which contributed a 0.18 percentage point gain. The improvement in permits falls in line with a report released on Thursday by the Commerce Department, which showed that building permits climbed in July to its fastest annual rate in four years. Stock prices also advanced, gaining 0.10 percent after declining for three straight months.

Despite the better-than-expected reading, the outlook for economic growth remains “sluggish”, as labor market conditions and consumer spending remain subdued.

USDJPY 1-minute Chart: August 17, 2012

USDJPY_Climbs_As_U.S._Leading_Economic_Indicators_Rebound_in_July__body_Picture_2.png, USDJPY Climbs As U.S. Leading Economic Indicators Rebound in July

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

In the minutes after the Conference Board’s report, the U.S. dollar strengthened against the Japanese yen, adding to gains that followed the release five minutes earlier of a better-than-expected reading of the University of Michigan confidence index. At the time this report was written, the USDJPY was trading at 79.51 yen.

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

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