Forex - Yen extends gains vs. dollar after weak U.S. data
Investing.com
Published Apr 14, 2011 08:56AM ET
USD/JPY hit 82.96 during European afternoon trade, the pair’s lowest since March 31; the pair subsequently consolidated at 83.08, tumbling 0.89%.
The pair was likely to find support at 82.55, the low of March 31 and resistance at 84.26, Wednesday’s high.
The Department of Labor said initial claims for state unemployment benefits rose 27,000 to a seasonally adjusted 412,000. The prior week's figure was revised up to 385,000 from the previously reported 382,000. Analysts had expected jobless claims to slip to 380,000.
A separate report showed that producer price inflation rose 0.7% last month, after rising by 1.6% in February, as higher prices for energy and motor vehicles compensated for declining food prices. Analysts had expected PPI to rise by 0.1% in March.
Core inflation, which excludes volatile food and energy costs, increased 0.3%, slightly more than the 0.2% estimated gain.
Meanwhile, the dollar pared gains against the euro following the data, with EUR/USD down 0.08% to hit 1.4430.
Earlier Thursday, the cost of insuring Greek government debt against default surged to a euro era-lifetime high after German Finance Minister Wolfgang Schaeuble said Greece may have to restructure its debt, following an audit in June.
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Written By: Investing.com
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