Forex: USD/JPY – Breaking above 100
iNVEZZ.com Tuesday July 2th:The dollar has risen to a two-month high against the yen today, breaking above the 100.00 level.
The pair rose to 100.33 as the American session started and US stock futures climbed, giving the Standard & Poor’s 500 Index a chance to gain for a second consecutive day, as the market awaited reports on US factory orders and comments from Federal Reserve officials later today.
Today, Japan’s monetary base data was reported early in Asian trading. Figures showed a record 36 percent increase in June boosted by the Japanese central bank’s monetary efforts to reverse the deflationary trend. The increase missed analysts’ expectations for a 41.2 percent rise.
In addition, the Ministry of Health, Labour and Welfare released data on Japan’s Labour Cash Earnings for May, which came out unchanged year on year. This compared with a zero change in the prior month and expectations for a 0.6 percent rise.
The US series of economic data releases will start at 14:00 BST, with the Redbook Index for the week ended June 23, to be followed by the ISM Index for the New York area and then the US Factory Orders for May, economic optimism data and total vehicle sales for June.