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Forex: USD/JPY retraces losses on US session

FXstreet.com (Barcelona) - Held by the 94.00 support, the USD/JPY started to retrace its losses on the release of US data, first personal consumption expenditure then consumer sentiment. The pair moved up to 94.17.

Against analysts’ consensus of a drop from 77.6 to 72.5 in March, Reuters/Michigan Consumer Sentiment Index rose to 78.6 in February. The Core Personal Consumption Expenditure - Prices Index remained unchanged at 1.3% in February (YoY), with the monthly figure rising 0.1%, below consensus of 0.2%. Personal consumption expenditures rose 0.4%, with the annualized figure rising from 1.2% to 1.3%. Personal income beat consensus of 0.8% by rising 1.1% (from -3.6% in the previous month). Personal spending disappointed at 0.3%, while investors were pointing at 0.6%.

“Obviously the consolidation pattern above 93.50 low is still on the run and there is a risk of one more upswing to 95.10 resistance area before deeper drowning towards 92.80”, wrote Deltastock.com analyst Stoyan Mihaylov.

Forex Flash: NZD/USD strategy profile – Westpac

Next week’s economic calendar for the NZD has little to no market moving releases. An employment confidence report and the monthly commodity index are both out on Tuesday but will be ignored by the market. More important will be the GlobalDairyTrade auction, also on Tuesday, which could see milk powder prices make fresh record highs on supply (drought) concerns.
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The EUR/JPY became heavier by the end of the Asian shift and fell to as low as 120.31. The market was able to bounce back throughout the European morning and made a stronger push on the NY session, where it got to 122.77, closer to the daily high at 122.86.
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