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Forex: USD/JPY falls to 98.13 low after US growth at 2.5% in Q1 (YoY)

FXstreet.com (Barcelona) - The USD/JPY slipped to 98.13 low following the preliminary publication of US GDP in Q1. Annualized data had a big improvement from Q4, from 0.4% to 2.5% growth, but came in lower than market consensus of 3.0%. GDP price also failed to meet expectations: up from 1.0% to 1.2%, below 1.4% consensus.

The US economic calendar also presented flash Personal Consumption Expenditures, which rising pace eased from 1.6% to 0.9% (consensus of 1.1%) in Q1 (QoQ), and its Core data, that rose from 1.0% to 1.2% as expected. US Reuters/Michigan consumer sentiment is due shortly and is expected to rise from 72.3 to 73.2 in April.

“The USD/JPY currency pair is forming another descending wave. We think, today the price may reach the target of this wave at 97.80 and then start a correction towards the level of 98.70”, wrote Roboforex.com analyst Igor Sayadov, suspecting that later the market may start forming another descending structure with the target at 95.80.

Commodities Brief – Precious metals rebound off European lows

The yellow metal was edging lower off its session highs (1476) ahead of the publication of GDP in the United States Friday. However, on the heels of mixed results, gold prices have once again rebounded, trending upward back to USD $1470.20 per oz. in these moments. Prolonged stability above the 1470 resistance and upside target could extend the bullish recovery into next week.
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Forex: EUR/JPY down by 1.00% on the day, at 127.85

The EUR/JPY is already trading below the 128.00 round level, down at 127.85 (-1.00% on the day) as the EUR/JPY is “currently we are viewing this as the market taking a breather ahead of tackling this resistance (131.12)”, according to Commerzbank analysts. The cross fell to as low as 127.77 following the publication of US GDP data and option expires, coming close to February high at 127.71.
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