We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • S&P 500 Forecast: Stocks Face Peril as Day of Reckoning Looms Link: https://www.dailyfx.com/forex/fundamental/article/special_report/2020/06/01/spx-sp500-forecast-stocks-face-peril-as-day-of-reckoning-looms.html $SPX $SPY $ES_F #StockMarket #Investing #Analysis https://t.co/sufK8mMtD4
  • #ASEAN currencies (such as SGD, IDR, PHP and MYR) are relatively outperforming the #USD at a stronger pace than the Indian #Rupee vs the Greenback. This is despite notable gains in the MSCI #EmergingMarkets Index. Full $USDINR, #Nifty piece to come later today! https://t.co/n0SlkfnYOV
  • Seasonal factors, oversupply issues and the outbreak of COVID-19 has seen the price of liquefied #naturalgas (LNG) fall to 22-year lows (1.519), with the situation exacerbated by ‘fuller-than-normal’ storage facilities. Get your market update here:https://t.co/VOqfkBQ4aR https://t.co/9gFVefFC3w
  • ⬇️Asia-Pacific Preview⬇️ - Wall Street buoyancy may spill over into Asia as investors shrug at domestic unrest - AUD and #NZD could rise with APAC stocks despite HK risks - #AUDUSD blew past key resistance and may now challenge multi-week swing-high https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/06/01/AUD-NZD-May-Rise-With-APAC-Stocks-Ahead-of-RBA-Rate-Decision.html
  • 🇰🇷 GDP Growth Rate YoY Final Actual: 1.4% Previous: 2.3% https://www.dailyfx.com/economic-calendar#2020-06-01
  • 🇰🇷 GDP Growth Rate QoQ Final Actual: -1.3% Previous: 1.3% https://www.dailyfx.com/economic-calendar#2020-06-01
  • 🇳🇿 Building Permits MoM Actual: -6.5% Previous: -21.7% https://www.dailyfx.com/economic-calendar#2020-06-01
  • Trumps says he will deploy military if cities, states won't act. Says he is dispatching 'thousands' of armed soldiers -BBG
  • Trump says he recommended governors deploy National Guard, told them to deploy guard to 'dominate' streets -BBG
  • US President Donald Trump: His first duty is to defend the country, people. Instances of violence 'acts of domestic terror'. Mobilizing civilian, military resources to stop rioting -BBG
Yen Down Despite Retail Beat, USD/JPY Holds Above 2017 Low

Yen Down Despite Retail Beat, USD/JPY Holds Above 2017 Low

2017-08-30 00:20:00
David Cottle, Analyst
Share:

Talking Points

  • Japanese retail numbers came in generally stronger than the markets expected
  • This contrasted sharply with recent household spending data
  • The US Dollar continued to gain on the Yen, having once again bounced near the year’s lows

Why do some traders seem to have that magic touch? We’ve looked at over 40 million trades in search of an answer. Check out the Traits of Successful Traders

The Japanese Yen continued to slide against a recovering US Dollar Wednesday despite some strong retail numbers out of Japan.

July’s retail trade surged 1.9% on the year, according to official figures. That was much better than the 1% rise expected although it was weaker than June’s 2.2% gain. On the month trade increased by 1.1%, again hugely better than the expected figure which was just 0.3%. Sales at large retailers were the poor relation. They fell by 0.1% on the month, but that was at least as forecast.

The data provide a contrast to Tuesday’s household spending release which showed a notable slip, leaving markets conflicted about the state of the Japanese consumer and, at least as importantly, the likely knock-on effects to still feeble consumer prices. In any case the impact of data on the Yen have been blunted somewhat by the Bank of Japan’s insistence that current, ultra-loose monetary policy will endure until inflation reaches a sustainable 2% annualized level. At the moment it stands at a measly 0.4%, the BoJ having expended more than $4.5 trillion in bond-buying stimulus.

USD/JPY continued to climb in the aftermath as the greenback inched broadly back from this week’s early slip.

Yen Down Despite Retail Beat, USD/JPY Holds Above 2017 Low

More broadly the Japanese Yen has been gaining on the US Dollar as doubts grow about the number of further US interest-rate increases we might see. This week risk aversion inspired by North Korea’s missile test saw the Yen gain further but USD/JPY has once again bounced at crucial support which protects the year’s lows. If the downtrend seen since November 2016 remains in place then this support will surely break, but the bulls are making a fight of it.

Yen Down Despite Retail Beat, USD/JPY Holds Above 2017 Low

--- Written by David Cottle, DailyFX Research

Contact and follow David on Twitter:@DavidCottleFX

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

DISCLOSURES

News & Analysis at your fingertips.