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USD/JPY Remains Under Pressure After US Trade Data

USD/JPY Remains Under Pressure After US Trade Data

Oliver Morrison, Analyst

Talking Points:

- US trade deficit beats estimates and drops to $43.6 billion in February.

- US Dollar remains under pressure versus Yen; but holds strength vs the Euro.

See the DailyFX Economic Calendar and see what live coverage for key event risk impacting FX markets is scheduled for the week on the DailyFX Webinar Calendar.

The US international trade deficit dropped to $43.6 billion in February -- its lowest level since October -- beating estimates of a decline to $44.7 billion, according to data from the US Commerce Department. January’s trade deficit was also revised to $48.2 billion from $48.5 billion.

Despite the Dollar-positive print, the Greenback remains under pressure versus the Japanese Yen. USDJPY fell sharply yesterday to test yearly lows around the 110 level. Treasury yields dropped as disappointing US Auto Sales and Manufacturing data prints threw the so-called Trump Trade into doubt, and amid heightened political tensions ahead of the crucial meeting between Chinese President Xi Jinping and Donald Trump in Florida later this week. USDJPY remains at 110.41, a drop of 0.49 on the day.

USDJPY 15-Minute Chart (Intraday, April 4, 2017)

USD/JPY Remains Under Pressure After US Trade Data

Chart by IG

However, the Dollar has held its general strength against other currencies. US factory order data are released later today.

EURUSD 15-Minute Chart (Intraday, April 4, 2017)

USD/JPY Remains Under Pressure After US Trade Data

Chart by IG

--- Written by Oliver Morrison, Analyst

To contact Oliver, email him at oliver.morrison@ig.com

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