The USDJPY pair traded near a fresh weekly low of 109.42 but stayed within the 110.00 and 109.50 range, accelerating its decline after the release of poor US growth figures. The pair finished the first half of the day consolidating just below the 110.00 threshold trapped between the broad dollar’s weakness and rallying equities. Stocks retained the positive tone despite poor US GDP, backed by Fed’s on-hold stance. Meanwhile, US government bond yields ticked higher, reflecting a better market’s mood.
Today in the economic news, Japan had a busy Friday. The country published the June Unemployment Rate, May Retail Trade figures, the preliminary estimate of June Industrial Production and Housing Starts for the same month all better than expected except the yearly retail sales which came at 0.1% vs the expected 0.3%.
Later in the day investors will be watching the US reporting of their monthly Core PCE Price Index, Chicago PMI and Revised UoM Consumer Sentiment
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