- USD/JPY holds in positive territory threatening a break of 110.20.
- Global trade is back on track following the latest developments in the USMCA and phase-one trade deal.
- USD/JPY is currently trading at 110.16 meeting the top of the rising channel around 110.20 as US stock markets maintain a lukewarm bid and US data turns positive.
-
Wall Street close: US benchmarks make fresh record highs
USD/JPY has been turning head of late, trading ina robust bullish trend within the rising channel and bull run which formed in late August down in the 104s. The price has been elevated considering the US and China's phase-one agreement and prospects for global growth.
For the US dollar, it was firmer in the US session following a turn in US data, bucking the negative trend of late whereby Retail Sales rose 0.3% MoM (control group rose 0.5%, est. 0.4%). this was in line with estimates but nevertheless encouraging. The US Jan Philly Fed index at 17.0 also encouraged a bid in the US dollar, beating expectations (est. 3.7, prior 2.4) to retest mid-2019 highs. The data and showed solid gains in employment and new orders components.
Another positive factor for risk sentiment came when the US Senate approved the USCMA trade agreement which now awaits Canada to agree on it and for Trump’s imminent signing.
Chinese GDP on the cards
Looking ahead for today, we have China's Gross Domestic Product for Q4 whereby annual growth is expected to print at 6.0%YoY, in line with the Q3 result.
"This will leave year-average growth at the low-end of authorities’ 6.0-6.5% target for 2019. "The detail on investment and consumption will be key and monthly data for December will provide additional context. Of the December data, we will be most interested in industrial production, with consensus 5.9%yr vs 6.2%yr in November," analysts at Westpac explained.
USD/JPY levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD extends gains above 1.0700, focus on key US data
EUR/USD meets fresh demand and rises toward 1.0750 in the European session on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data.
USD/JPY keeps pushing higher, eyes 156.00 ahead of US GDP data
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, recapturing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming intervention risks. The focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold closes below key $2,318 support, US GDP holds the key
Gold price is breathing a sigh of relief early Thursday after testing offers near $2,315 once again. Broad risk-aversion seems to be helping Gold find a floor, as traders refrain from placing any fresh directional bets on the bright metal ahead of the preliminary reading of the US first-quarter GDP due later on Thursday.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price.
Meta takes a guidance slide amidst the battle between yields and earnings
Meta's disappointing outlook cast doubt on whether the market's enthusiasm for artificial intelligence. Investors now brace for significant macroeconomic challenges ahead, particularly with the release of first-quarter GDP data.