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9 Jun 2014
USD/JPY narrow trading despite better Q1 GDP Scotiabank
FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted the quietness around the USD/JPY.
Key Quotes:
"JPY is flat to Friday’s close, even after releasing much stronger than expected Q1 GDP (final print) at 1.6%q/q and 6.7%q/q ann versus expectation of 1.4%q/q and 5.6%q/q ann on the back of notably strong business spending. An encouraging development; however the deflator fell unexpectedly –0.1%y/y”.
“Technically, USDJPY is trading in a relatively narrow range and studies are mixed; suggesting we are unlikely to see a major break‐out this week."
Key Quotes:
"JPY is flat to Friday’s close, even after releasing much stronger than expected Q1 GDP (final print) at 1.6%q/q and 6.7%q/q ann versus expectation of 1.4%q/q and 5.6%q/q ann on the back of notably strong business spending. An encouraging development; however the deflator fell unexpectedly –0.1%y/y”.
“Technically, USDJPY is trading in a relatively narrow range and studies are mixed; suggesting we are unlikely to see a major break‐out this week."