Forex: USD/JPY to 100.39

on Jun 4, 2013

Yesterday the USD/JPY slipped 0.02 percent after news that Japan’s monetary base had climbed 31.6 percent, and reached a high for the day of 100.70.

Japan’s cash earnings for May increased 0.3 percent compared with a drop of -0.9 percent in April, according to a Ministry of Health, Labour and Welfare release today at 02:30 BST. The USD/JPY responded with a fall to 99.85.
During the early European session today, the pair managed to get back above the 100 level. Subsequently, at 10:00 BST, the Eurozone Producer Price index (PPI) April y/y and April m/m were released by the EC’s Eurostat, showing a y/y drop of -0.2 percent compared with a 0.6 percent rise for March and a m/m decrease of -0.6 percent.

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Thereafter the EUR/JPY rose 0.7 percent and hit a session high at 131.43.
At 13:30 BST, the US trade balance for April was released by the Bureau of Economic Analysis and the US Census Bureau. The announcement showed the deficit increasing to USD40.29 billion in April, compared with -USD37.13 billion in March.
The USD/JPY subsequently rose to its daily high at 100.39 and currently is trading slightly bearish.


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