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USD/JPY Rises at U.S. Government Budget Improvement

USD/JPY Rises at U.S. Government Budget Improvement

Courtney Edwards,

The Takeaway: US Monthly Budget Statement (Jan) > Receipts +$2.88 billion versus $27.4 billion deficit last January > Possible Budget Improvements in 2013 > USDJPY Slightly Bullish

The Treasury Department announced U.S. government receipts exceeded outlays by $2.88 billion, compared with a $27.4 billion deficit in January 2012. This is the first time in five years that the U.S. government has released a budget surplus. Economists at Bloomberg expected a $2 billion shortfall. Today’s report showed revenue increased +16.2% in January from the same month a year earlier, to $272.2 billion from $234.3 billion. Spending rose +2.9% to $269.3 billion from $261.7 billion. Individual income tax receipts in the first four months of this fiscal year reached $468.4 billion from $403.8 billion in the same period last year. Corporate income tax receipts increased to $70.3 billion from $60.2 billion.

Senior U.S. Strategist, Millan Mulraine, stated “going forward, we are likely to see dramatic improvement in the overall budget relative to the last year largely due to the improving economic performance.”

USDJPY 1-Minute Chart: February 12, 2013

USD_Monthly_Budget_body_Picture_1.png, USD/JPY Rises at U.S. Government Budget Improvement

Chart from FXCM Trading Station, created by Courtney Edwards

The USDJPY traded at 93.52 at the time of the budget release. Earlier today, the USDJPY lost over 120 pips from highs after a G7 official said a statement on exchange rates was misinterpreted and should be viewed as a sign of concern about excess moves in the Asian currency. The statement was previously interpreted as an acceptance of further weakness in the Japanese currency. USDJPY briefly fell below the 93.00 mark to hit a low of 92.94 before finding support and slightly recovering.

--- Written by Courtney Edwards, DailyFX Research

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