Forex: USD/JPY – Crawling around 95.00

on Jun 19, 2013

The US dollar has lost momentum and the yen has strengthened again today with the pair falling to 94.83 in European mid-day on better-than-expected Japanese merchandise trade deficit.

The quote was trading close to the 94.90 zone.
The Japanese currency has been supported earlier by data from the Japanese Ministry of Finance, showing exports rose 10.1 percent y/y to 5,768 billion yen last month, the fastest pace since December of 2010. Imports also rose 10 percent y/y to 6,762 billion yen in May, up for a seventh consecutive month.

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The trade deficit came in 993.90 billion yen in May, compared with 881.90 billion yen in April. This compared with expectations of a trade gap of 1,200 billion yen.
Earlier today, the latest US Mortgage Bankers Association weekly survey showed that Mortgage applications in the US fell by 3.3 percent in the week to June 14.
Speculation over Fed’s monetary policy and a possible reduction of its asset purchases in the nearest future have continued through the second day of the Federal Reserve Bank meeting in Washington. Fed Chairman Bernanke will give a news conference after the meeting.
News from Fed could give the USD chance for rebound but analysts do not expect a reduction in quantitative easing programme to come as soon as this summer.


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