Forex: USD/JPY hits 101.28

on Jul 9, 2013
Listen

_iNVEZZ.com Tuesday July 9th:_ The US dollar traded higher against the yen during today’s Asian session and in early European trading the pair has recorded a high for the day so far at 101.28.

The greenback is still supported by Friday’s labour market data showing that the US economy added 195,000 jobs in June, beating the expectations for a 165,000 increase and matching May’s revised number.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

Japan’s M2 money supply was reported earlier today to have risen by a seasonally adjusted 3.8 percent in June, after May’s 3.5 percent increase (revised up from 3.4 percent).

But the preliminary reading of the country’s Machine Tools Orders for June y/y registered a drop of 12.4 percent, halving May’s fall of 23.6 percent.
Since the beginning of the year, yields on 10-year US treasury bonds have risen nearly 80 basis points whereas the Bank of Japan’s bond-buying efforts have kept Japanese government bond yields flat. The yield spread between US and Japanese 10-years is about 180 basis points.
The yen remains the world’s worst-performing developed market currency this year, with rising interest rates since the beginning of the year incentivising Japanese traders to buy dollar-denominated assets such as US bonds and stocks.

Ad

Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals.

Learn more
JPY Forex