Asian Session – Yen lifted slightly after strong Japan GDP data
May 16, 2013 7:19 am
The yen moved off a four-year low in Thursday’s Asian trade after some good Japanese data helped pause its decline. Meanwhile some weaker US data also slowed the dollar’s rally.
Some preliminary GDP data released today showed the Japanese economy grew 0.9 percent in the first quarter, much more than the forecast for a 0.7 percent increase.
Meanwhile, in the prior US session, there was a raft of US data that was perceived as negative for the US economy, and thus, the US Dollar, keeping it in check.
USDJPY slid from a four year high of 102.75 and fell to a low of 101.84 after yesterday’s US data, consolidating thereafter in the Asian session.
Dollar also slightly weakened against the euro overnight, giving the single currency a break from its big slide. The single currency was hit hard yesterday after disappointing GDP data from the euro zone, which raised concerns about the recovery in the debt-stricken region.
EURUSD plunged to a low of $1.2848 yesterday and has since moved off this six-week low and traded above $1.2860, consolidating throughout the Asian session.
Looking ahead, we have second tier data from the euro zone, though this is not expected to move euro that much.
The yen moved off a four-year low in Thursday’s Asian trade after some good Japanese data helped pause its decline. Meanwhile some weaker US data also slowed the dollar’s rally.
Some preliminary GDP data released today showed the Japanese economy grew 0.9 percent in the first quarter, much more than the forecast for a 0.7 percent increase.
Meanwhile, in the prior US session, there was a raft of US data that was perceived as negative for the US economy, and thus, the US Dollar, keeping it in check.
USDJPY slid from a four year high of 102.75 and fell to a low of 101.84 after yesterday’s US data, consolidating thereafter in the Asian session.
Dollar also slightly weakened against the euro overnight, giving the single currency a break from its big slide. The single currency was hit hard yesterday after disappointing GDP data from the euro zone, which raised concerns about the recovery in the debt-stricken region.
EURUSD plunged to a low of $1.2848 yesterday and has since moved off this six-week low and traded above $1.2860, consolidating throughout the Asian session.
Looking ahead, we have second tier data from the euro zone, though this is not expected to move euro that much.
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