USD/JPY Technical Analysis: New Attempts by Bulls

According to the economic analysis, the USD/JPY currency pair is trading influenced by the announcement of the preliminary US consumer confidence index in Michigan for the month of August, better than expected at 55.1 versus expectations at 52.5. On the other hand, last week’s initial US jobless claims outperformed the expected 263K with a lower statistic of 262K, while the PPI for July matched expectations of 7.6% (annualized).

The US Consumer Price Index excluding food and energy for the month of July fell both from expectations (year-on-year) and (monthly) at 6.1% and 0.5%, respectively, by 5.9% and 0.3%. The general CPI for this period also came in below expectations in both cases. Economic data last week indicated that every official measure of US inflation was either slowing or declining in July, while separate measures of producer prices and import costs also surprised to see declines in the recent period. Meanwhile, a New York Fed survey showed expectations of future inflation falling on all horizons last month, and a significant University of Michigan survey indicated that expectations fell on all but the longer horizons.

Dodaj komentarz

Twój adres e-mail nie zostanie opublikowany.