USD/JPY Surges After U.S. Economic Releases
Thursday morning's condensed list of economic data releases strengthened the dollar, influencing a 45 pip increase in the USD/JPY currency pair.
The multiple U.S. economic releases consisting of: non-farm payroll beat consensus by 73,000, trade balance beat by $6 billion, unemployment beat by two basis points, initial jobless 2,000 higher than consensus and continuous jobless claims 19,000 higher than consensus.
The multiple indicators were reported Thursday instead of Friday due to the market being closed on July 4.
The pair recovered from its June 30 low, caused by Japan's June 26 economic data releases consisting of: CPI year-over-year release increasing by 0.3 percent from its previous 3.4 percent, a 9.1 percent increase in retail sales for the month of May and a 0.1 percent decrease in jobless rate.
Analyst forecast a significant gain for the pair in the near term.
Median of consensus for the given terms:
1 M: 102.87
6 M: 106.00
1 Y: 110.00
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.