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USD/JPY Continues Rebound from ¥97.00 after May Durables Report Beats

USD/JPY Continues Rebound from ¥97.00 after May Durables Report Beats

Christopher Vecchio, CFA, Senior Strategist

THE TAKEAWAY: USD Durable Goods Orders (MAY) > +3.6% versus +3.0% expected, from +3.6% (revised from +3.3%) (m/m) > USD Durables ex Transportation (MAY) > +0.7% versus 0.0% expected, from +1.7% (revised higher from +1.3%) (m/m) > USDJPY BULLISH

The US economy can put another tally in the ‘better than expected’ economic data column, with the May Durable Goods Orders report beating expectations solidly all around. The report, which details sales for goods with lifespans greater than three years (for consumers, this translates to refrigerators or other home appliances, for example), is a strong indication of underlying income trends – typically, larger purchases are only made when consumers are feeling confident in their financial security.

USDJPY_Continues_Rebound_from_9700_after_May_Durables_Report_Beats_body_Chart_1.png, USD/JPY Continues Rebound from ¥97.00 after May Durables Report Beats

Of note, New Orders ex Defense grew by +3.5% m/m from +2.5% m/m, while Non-defense Capital Goods rose by +9.3% m/m from +3.5% m/m. The only blemish on the report appears to be Unfilled Orders, which rose to +1.3% m/m from +0.9% m/m. Overall, the subcomponents of the report painted a favorable picture of the US economy, and on a seasonal basis, the headline +3.6% m/m print beats the five-year May average of +0.9% m/m.

USDJPY 1-minute Chart: June 25, 2013

USDJPY_Continues_Rebound_from_9700_after_May_Durables_Report_Beats_body_x0000_i1028.png, USD/JPY Continues Rebound from ¥97.00 after May Durables Report Beats

Charts Created using Marketscopeprepared by Christopher Vecchio

Following the release, the USDJPY rallied from ¥97.43 to as high as 97.75, before trading back down to 97.64. Ahead of the release, the pair had traded as low as 97.24, and well off of its session low 96.95. The US Dollar was well-supported across the board following the release, with the EURUSD trading to fresh session lows under $1.3090, while the AUDUSD had fallen to $0.9247 from 0.9280.

--- Written by Christopher Vecchio, Currency Analyst

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