Investing.com - The U.S. dollar traded lower against the Japanese yen during Friday’s Asian session following a spate of Japanese data points.
In Asian trading Friday, USD/JPY fell 0.18% to 98.18. The pair was likely to find support at 97.44, the session low and resistance at 98.80, the high of August 22.
Earlier Friday, the Statistics Bureau said that Japan’s core consumer price inflation was 0.7% last month after reading 0.4% in June. Analysts expected a July reading of 0.6%.
Tokyo’s core CPI, which excludes fresh food costs, rose to 0.4% last month from 0.3% in June. Analysts expected the July reading of 0.4%. The Statistics Bureau also said Japanese household spending was up 0.1% last month after a June decrease of 0.4%. Analysts expected an increase of 0.3%.
In a separate report, Japan’s Ministry of Economy, Trade and Industry said that industrial production in the world’s third-largest economy increased 3.2% in July after a 3.1% June decline. That missed analysts’ expectations for a 3.7% increase.
The Statistics Bureau said Japan’s unemployment rate fell to 3.8% from 3.9% in June. Economists expected the July unemployment rate to be unchanged from June.
In U.S. economic news out Thursday, the U.S. Commerce Department said U.S. GDP grew 2.5% in the second quarter, well above the initial reading that showed growth of 1.7%. Economists expected the revision to show growth of 2.2%. Consumer spending grew 1.8% after rising 2.3% in the first quarter.
The Labor Department said initial claims for jobless benefits fell by 6,000 to 331,000 last week. Economists expected first-time claims to come in at 332,000.The less volatile four-week moving average rose by 750 to 331,250.
Elsewhere, AUD/JPY fell 0.08% to 87.76 while NZD/JPY dropped 0.09% to 76.36.
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