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29 May 2014
USD/JPY wavers after US mixed bag
FXStreet (Córdoba) - The USD/JPY moved erratically immediately after the release of mixed US economic data, although it remained well-within its recent range.
The USD/JPY fell to the 101.50 zone only to bounce to a fresh daily high of 101.70 after data showed US Q1 GDP was revised down to -1.0% versus +0.1% previously estimated. It was the first time GDP contracted since the Q1 2011, when it declined by 1.3%.However, dollar weakness was tempered by jobs data. US jobless claims dropped more than expected to 300K (318K f/c) in the week ending May 25.
“The Fed is likely to pay more attention to improved jobless claims than Q1 GDP, which they have already dismissed”, said Jamie Coleman, analyst at FXBeat.
At time of writing, the USD/JPY is trading at the 101.65 zone, still 0.18% below its opening price, as investors continue to assess data.
The USD/JPY fell to the 101.50 zone only to bounce to a fresh daily high of 101.70 after data showed US Q1 GDP was revised down to -1.0% versus +0.1% previously estimated. It was the first time GDP contracted since the Q1 2011, when it declined by 1.3%.However, dollar weakness was tempered by jobs data. US jobless claims dropped more than expected to 300K (318K f/c) in the week ending May 25.
“The Fed is likely to pay more attention to improved jobless claims than Q1 GDP, which they have already dismissed”, said Jamie Coleman, analyst at FXBeat.
At time of writing, the USD/JPY is trading at the 101.65 zone, still 0.18% below its opening price, as investors continue to assess data.