Yen Rises After Japan GDP Data

RTTNews | 8h 55min ago
Yen Rises After Japan GDP Data

(RTTNews) - The Japanese yen strengthened against other major currencies in the Asian session on Monday, after data showed that an upward revision to Japan's first quarter GDP supporting the interest rate hike expectations.

Data from the Cabinet Office showed that Japan's gross domestic product was unchanged on a seasonally adjusted quarterly basis from the previous quarter. That beat forecasts for a decline of 0.2 percent following the 0.6 percent increase in the three months prior.

On an annualized basis, GDP was down 0.2 percent - also exceeding expectations for a decline of 0.4 percent following the 0.7 percent drop in the previous three months.

Capital expenditure was up 1.1 percent on quarter, missing forecasts for a gain of 1.4 percent but up from 0.6 percent in the previous quarter.

In other economic news, data from the Ministry of Finance showed that Japan posted a current account surplus of 2.258 trillion yen in April. That was shy of expectations for a surplus of 2.560 trillion yen and was down from 3.678 trillion yen in March.

Exports were up 4.0 percent on year at 8.769 trillion yen and imports slipped an annual 2.9 percent to 8.801 trillion yen for a trade deficit of 32.8 billion yen.

The capital account showed a deficit of 25.0 billion yen, while the financial account saw a surplus of 2.511 trillion yen.

Private consumption was up 0.1 percent on quarter, beating forecasts for a flat reading - which would have been unchanged.

In the Asian trading today, the yen rose to 164.79 against the euro and 195.64 against the pound, from Friday's closing quotes of 165.08 and 195.94, respectively. If the yen extends its uptrend, it is likely to find resistance around 160.00 against the euro and 193.00 against the pound.

Against the U.S. dollar and the Swiss franc, the yen edged up to 144.25 and 175.79 from last week's closing quotes of 144.87 and 176.32, respectively. On the upside, 141.00 against the greenback and 172.00 against the franc are seen as the next resistance levels for the yen.

Looking ahead, U.S. Consumer Board's employment trends index for May, U.S. wholesale inventories for April and U.S. consumer inflation expectations for May are slated for release in the New York session.

read more
Yen Rises Against Majors

Yen Rises Against Majors

The Japanese yen strengthened against other major currencies in the Asian session on Monday.
RTTNews | 9h 57min ago
U.S. Dollar Higher After Strong Jobs Data

U.S. Dollar Higher After Strong Jobs Data

The U.S. dollar firmed against its major counterparts in the New York session on Friday, following the release of better-than-expected nonfarm payrolls report for May.
RTTNews | 2 days ago
Euro Mixed After ECB Announcement

Euro Mixed After ECB Announcement

The euro showed mixed trading against its major counterparts in the New York session on Thursday, after the European Central Bank lowered its key rates by 25 basis points, as expected.
RTTNews | 3 days ago
U.S. Dollar Falls Amid Weak Data, Trade Tensions

U.S. Dollar Falls Amid Weak Data, Trade Tensions

The U.S. dollar slipped against its major counterparts in the New York session on Wednesday, following the release of weaker than expected economic data, as well as rising trade tensions.
RTTNews | 4 days ago
Pound Rises After Robust U.K. PMI Data

Pound Rises After Robust U.K. PMI Data

The British pound strengthened against other major currencies in the European session on Wednesday, following the release of PMI data that signaled a stronger than estimated growth in private sector in May.
RTTNews | 5 days ago
Pound Rises Against Majors

Pound Rises Against Majors

The British pound strengthened against other major currencies in the European session on Wednesday.
RTTNews | 5 days ago
Yen Falls Amid Risk-on Mood

Yen Falls Amid Risk-on Mood

The Japanese yen weakened against other major currencies in the Asian session on Wednesday, as Asian stock markets traded higher on optimism about amicable trade deals being reached between the U.S. and its trade partners over the weekend after the recent uncertainty. Major currencies in the region also strengthened against the US dollar.
RTTNews | 5 days ago
Yen Falls Against Majors

Yen Falls Against Majors

The Japanese yen weakened against other major currencies in the Asian session on Wednesday.
RTTNews | 5 days ago