13 Feb 2015
USD/JPY approaches daily lows after US data
FXStreet (Córdoba) - USD/JPY slipped further below 119.00 after the release of US consumer confidence data. The pair dropped to 118.57, approaching daily lows and currently trades at 118.7.0, down 0.15% for the day.
The preliminary reading of the University of Michigan consumer confidence index showed a decline from 98.1 in January to 93.6; considerably below market consensus. “Markets had been looking for it to hold steady so it is a little disappointing. Nonetheless, it is still a strong reading that matches the figure recorded in December and is at a level historically consistent with decent consumer spending growth”, said James Knightley, Senior Economist at ING.
Greenback is falling for the second day in a row against the yen, pulling back after trading on Wednesday and Thursday above 120.00. So far the decline has been capped by the key short term support located around 118.20/30 (Feb 09, 10, 13 lows).
The preliminary reading of the University of Michigan consumer confidence index showed a decline from 98.1 in January to 93.6; considerably below market consensus. “Markets had been looking for it to hold steady so it is a little disappointing. Nonetheless, it is still a strong reading that matches the figure recorded in December and is at a level historically consistent with decent consumer spending growth”, said James Knightley, Senior Economist at ING.
Greenback is falling for the second day in a row against the yen, pulling back after trading on Wednesday and Thursday above 120.00. So far the decline has been capped by the key short term support located around 118.20/30 (Feb 09, 10, 13 lows).