Forex - USD/JPY higher after tankan data
Published Jun 30, 2013 09:38PM ET
In Asian trading Monday, USD/JPY rose 0.17% to 99.35 after earlier trading as high as 99.55. The pair is likely to find support at 98.32, Friday’s low and resistance at 100.45, the high of June 5.
Last Friday, USD/JPY rose to session highs of 99.45, the pair’s highest since June 6, before settling at 99.11, up 0.83% for the day and extending the week’s gains to 1.23%.
Earlier Monday, the Bank of Japan's tankan survey showed surprisingly positive sentiment among large manufacturers in the world’s third-largest economy. The sentiment reading for large manufacturing enterprises jumped to 4 from a previous reading of -8. Economists expected readings ranging from 3 to 4.
The reading applies to the second quarter and is the first positive reading in two years. Sentiment among large non-manufacturers jumped to 12 from 6 in the first quarter. The survey also showed sentiment among mid-sized manufacturers improved to -4 from -14.
In U.S. economic news out last Friday, the Thomson Reuters/University of Michigan's final reading on June U.S. consumer sentiment was 84.1, well above the initial reading of 82.7. Economists expected a final June reading of 82.8.
Chicago are PMI fell to a 51.6 reading from 58.7 in May. Economists expected a June reading of 55. Readings above 50 indicate expansion.
Elsewhere, EUR/JPY added 0.22% to 129.33 while AUD/JPY jumped 0.39% to 91.02. NZD/JPY rose 0.28% to 77.02.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.