Sydney 00:00:00 Tokyo 00:00:00 London 00:00:00 New York 00:00:00
real time forex news and technical analysis

Japanese yen retreats from technical support

USDJPY News by Newsroom on 17:56 July 11, 2018 EST

The Japanese yen is drifting this week. In Wednesday’s  session USD/JPY traded at 111.21, gaining 0.20% on the day.

Japanese Core Machinery Orders declined 3.7%, a smaller decline than the estimate of -5.2% data revealed today. producers prices, however edged upwards to 2.8%, in line with the estimate.

In the U.S, inflation is marginally beating the estimate. Core PPI unchanged at 0.3%, above the forecast of 0.2%. PPI drifted from 0.5% to 0.3%, above the estimate of 0.2%.

On Thursday the U.S publishes CPI and Final CPI as well as unemployment claims.

The Bank of Japan remains somehow optimistic about their economy. BoJ Governor Haruhiko Kuroda said that the country is seeing positive growth and that Japan’s economy is expected to continue expanding moderately. The BoJ credited the positive economic outlook to  exports, a tight job market and solid consumer spending. Kuroda expressed confidence that inflation will reach the BoJ target of 2 percent.