USD/JPY Sets a New 5-Month High on Improved Confidence and Leading Index
- Chicago Purchasing Manager beats expectations at 63.0
- U. of Michigan Confidence reported at 75.2 in final estimate
- USD/JPY rises to a 5-month high
Want to trade with proprietary strategies developed by FXCM? Find out how here.
The Chicago Purchasing Manager barometer was reported at 63.0 for November, the second-highest reading in two-years, only second to the 65.9 Chicago Purchasing Manager result reported in October. The release also significantly beat expectations for 60.0.
The University of Michigan Confidence index was reported at 75.1 for November, higher than expectations for 73.1 and better than the previous November estimate at 72.0. Also, the US Leading Index was reported 0.2% higher in October, beating expectations for an unchanged leading economic indicator, but lower than the revised 0.9% higher index reported for September.
All three releases are medium-impact and designed to give us a reading of the current or future US economic performance. US Dollar traders remain focused on speculation of when the Fed will begin its taper of monthly asset purchases. The FOMC said in its minutes from October that the Fed is likely to taper in the coming months; therefore better than expected economic data supports arguments for a December taper.
USD/JPY 1-Minute: November 27, 2013
Chart created by Benjamin Spier using Marketscope 2.0
-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to firstname.lastname@example.org .
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.