16 Jun 2015
USD/JPY makes fresh daily lows after US housing data
FXStreet (Córdoba) - USD/JPY came under pressure and fell to fresh daily lows at the beginning of the New York session following disappointing US housing starts data.
US housing starts fell 11% to 1.036 million in May against expectations of 1.100 million. However, building permits, a gauge of future demand, rose 11.8% to 1.275 million, the fastest pace since August 2007.
USD/JPY made a marginal new low of 123.29 but managed to recover a few pips as building permits mitigated the negative effect. At time of writing, USD/JPY is trading at 123.40, virtually unchanged on the day.
Despite intraday volatility, USD/JPY remains within its recent range as investors refrain from taking big positions ahead of the FOMC rate decision tomorrow.
US housing starts fell 11% to 1.036 million in May against expectations of 1.100 million. However, building permits, a gauge of future demand, rose 11.8% to 1.275 million, the fastest pace since August 2007.
USD/JPY made a marginal new low of 123.29 but managed to recover a few pips as building permits mitigated the negative effect. At time of writing, USD/JPY is trading at 123.40, virtually unchanged on the day.
Despite intraday volatility, USD/JPY remains within its recent range as investors refrain from taking big positions ahead of the FOMC rate decision tomorrow.