Monday, May 30, 2016

Forex - Yen stronger ahead of household spending, unemployment

Yen gains ahead of data slateYen gains ahead of data slate

Investing.com - The yen gained slightly on Tuesday ahead of a busy data day that includes household spending and unemployment.

changed hands at 110.98, down 0.13%, while traded at 0.7187, up 0.06%.

In Japan comes for April with a 0.6% drop seen month-on-month. As well, the is seen steady at 3.2%, while provisional for April is expected down 1.5% month-on-month.

In Australia, for April are expected down 3.0% month-on-month. The for the first quarter is seen at a deficit of A$19.5 billion. Also in the line up, for April are due and with a 0.4% gain seen month-on-month.

The , which measures the greenback's strength against a trade-weighted basket of six major currencies, was last quoted at 95.72.

Overnight, the dollar held steady at a two-month peak against the other major currencies on Monday, as comments by Federal Reserve Chair Janet Yellen signaling the possibility for upcoming rate hikes continued to support demand for the greenback.

Trade volumes looked likely to remain light on Monday with financial markets in the U.K. shut for a public holiday and U.S. markets closed for Memorial Day.

The greenback strengthened broadly after Fed Chair Yellen said Friday it would be appropriate for the central bank to raise rates "gradually and cautiously" in the coming months if the economy and the labor market continue to pick up as expected.

The U.S. dollar was also boosted after the U.S. Commerce Department reported on Friday that gross domestic product rose at an annualized rate of 0.8% in the three months to March, up from the initial estimate of 0.5%.

Meanwhile, demand for the yen remained under pressure following report Japanese Prime Minister Shinzo Abe may delay a planned sales tax increase for a second time, after a similar tax increase in April 2014 derailed an economic recovery.

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Forex - Yen stronger ahead of household spending, unemployment Rating: 4.5 Posted by: Unknown

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