The Japanese yen is growing from the level of 108.65 for the third consecutive session. Formally, we can assume that growth occurs due to the continuation of the price rebound from 108.00 on May 29, and this will repeat the trading situation on April 23. Thus, investors were able to secure the 108 level. We should note that the US stock market also turned for a raise on May 29 with the local lows of 2676 on the S & P500 reaching that day.
Yesterday, the yen rose by 30 points after the S & P500 gained 0.45%, and this morning the yen’s growth is small to 7 points, but it is against the failure of data on household expenses. In April, household spending fell to 1.6% against expectations of growth to 0.7% and -0.1% in March. In the annual assessment, the indicator fell from -0.7% to -1.3%, with the expectation of growth to 0.8% YoY. This explains that the growth of the Nikkei 225 was 0.08% only against the background of the growth of Chinese indicator China A50 by 0.35%.
Tomorrow, the salary indicators for April will be published. The slowdown is expected from 2.0% YoY to 1.4% YoY. At the same day, the GDP of Australia for the 1st quarter will come out, with a forecast at 0.8% -0.9% q / q vs. 0.4% in the previous period. This will be support for the ATP, and the yen’s growth may continue. We are waiting for the price in the range of 110.85-111.10.
* The presented market analysis is informative and does not constitute a guide to the transaction.
The material has been provided by InstaForex Company – www.instaforex.com
USD / JPY
The Japanese yen is growing from the level of 108.65 for the third consecutive session. Formally, we can assume that growth occurs due to the continuation of the price rebound from 108.00 on May 29, and this will repeat the trading situation on April 23. Thus, investors were able to secure the 108 level. We should note that the US stock market also turned for a raise on May 29 with the local lows of 2676 on the S & P500 reaching that day.
Yesterday, the yen rose by 30 points after the S & P500 gained 0.45%, and this morning the yen’s growth is small to 7 points, but it is against the failure of data on household expenses. In April, household spending fell to 1.6% against expectations of growth to 0.7% and -0.1% in March. In the annual assessment, the indicator fell from -0.7% to -1.3%, with the expectation of growth to 0.8% YoY. This explains that the growth of the Nikkei 225 was 0.08% only against the background of the growth of Chinese indicator China A50 by 0.35%.
Tomorrow, the salary indicators for April will be published. The slowdown is expected from 2.0% YoY to 1.4% YoY. At the same day, the GDP of Australia for the 1st quarter will come out, with a forecast at 0.8% -0.9% q / q vs. 0.4% in the previous period. This will be support for the ATP, and the yen’s growth may continue. We are waiting for the price in the range of 110.85-111.10.
* The presented market analysis is informative and does not constitute a guide to the transaction.
The material has been provided by InstaForex Company – www.instaforex.com
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