Forex: USD/JPY lower ahead of US updates

on Jun 26, 2013
Listen Wednesday June 26th:_ USD/JPY opened today’s Asian session at 98.14, close to yesterday’s daily high. The quote started its downtrend trajectory in the early Asian hours and on the European opening has retraced to 97.31, a current session low.

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Yesterday the US dollar slipped lower against the yen as declines in Japanese equities supported the safe haven demand for the Japanese currency.

The Nikkei was sharply lower, amid sustained fears over a credit squeeze in China, despite the country’s central bank’s assurance that it was acting to support the financial institutions with liquidity. The Asian stocks markets’ falls were followed by the Japanese Corporate Services Price Index for May, which showed a modest but positive y/y rise of 0.3 percent to 96.3, following a -0.3 reading in April.
Later in the day the market will be watching out for the latest US economic updates: MBA Mortgage Applications, GDP annualised for the first quarter of the year, GDP Price Index Q1, Personal Consumption Expenditures Prices and Core Personal Consumption Expenditures, both for the first quarter of 2013 q/q.


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