Yen sheds four weeks of gains, stalls for three days near 127.00 USDJPY JPY $USDJPY $JPY
BoJ Governor Kuroda hints at tighter monetary policy.FXStreet Forecat Poll predicts a pause and recovery at 126.00.
Several factors have helped reverse the USD/JPY position above 130.00, the strongest for the US currency against its Asian counterpart in over two decades. Treasury yields in the US, which have been a direct driver of the dollar’s ascendancy over the yen, have retreated from recent highs. Market concerns over the health of the US economy are coupled with worries that the Federal Reserve’s anti-inflation tightening program could slow or halt the recovery. The Atlanta Fed estimate for second quarter GDP dropped to 1.8% from 2.4% and revised first quarter growth slipped to -1.5% from -1.4%. It had been forecast to rise to -1.3%.
Durable Goods Orders for April were lower than expected despite a strong performance from Retail Sales. Personal prices rose less than forecast in April at 6.3% after a 6.6 prediction and March rate. Core PCE inflation, the Fed’s chosen gauge, rose 4.9% as expected, down from 5.2% in March. Personal Spending was stronger than anticipated, rising 0.9% on a 0.7% projection. Expenditures in March were revised to 1.4% from 1.1%. Personal Income rose 0.4%, just under the 0.
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