USD/JPY weekly outlook: June 7-11
During choppy trade, the yen plummeted against the U.S. dollar last week amid political uncertainty in Japan, before coming back up somewhat on Friday in the wake of disappointing U.S. employment data.
USD/JPY hit 91.85 at the close of trade on Friday, gaining 0.75% on a weekly basis.
Looking forward, the pair is likely to find short-term support at 90.53, the low of June 1, and resistance at 94.98, the high of May 5 and a 9-month high.
This week, Japan is due to publish data on its gross domestic product, as well as reports on lending activity, currency circulation levels, manufacturing productivity levels and economic sentiment.
In the United States, meanwhile, Federal Reserve Chairman Ben Bernanke is set to testify before Congress, and official data is due to be published on retail sales, initial jobless claims, and the U.S. trade balance. The Fed is also due to publish its Beige Book and a report on its budget balance.
Ahead of the coming week, Forex Pros has compiled a list of these and other significant events likely to affect USD/JPY.
Monday, June 7
Japan is set to publish data on lending activity by banks, the country’s current account balance and on the volume of money currently in circulation.
In the U.S. the Fed will release a report on U.S. consumer credit, and Fed Chair Bernanke is scheduled to speak at an event in Washington, D.C.
Tuesday, June 8
Japan is due to publish data on core machinery orders, a leading indicator of manufacturing production. Also Tuesday, Japan will produce a report on consumer spending, a key indicator of overall economic activity.
In the U.S., two members of the Federal Reserve's Federal Open Market Committee, Elizabeth Duke and Thomas Hoenig, are due to speak at separate public engagements. A private report on U.S. consumer confidence will also be published.
Wednesday, June 9
Japan is due to release GDP data, the broadest measure of economic activity. The country will also publish a corporate goods price index, a leading indicator of consumer price inflation. Meanwhile, an industry group will release data on machinery tool orders in Japan.
In the U.S., Bernanke, the Fed chief, is due to testify before the House Budget Committee in Washington, D.C., and then speak at an event in Richmond. The Fed will publish its Beige Book, analysis used by the FOMC in making their next interest rates decision.
The U.S. will also publish weekly data on crude oil inventories.
Thursday, June 10
Japan will publish official data on consumer confidence, a key signal of consumer spending.
The U.S. will publish data on its trade balance and release closely watched weekly data on initial jobless claims. Also in the U.S., the government will publish a report on the monthly Federal budget balance.
Friday, June 11
The U.S. will release a report on consumer spending, which accounts for the majority of overall economic activity, and a report on business inventories. The Census Bureau will also release key monthly data on U.S. retail sales, the primary gauge of consumer spending.
Also Friday, the University of Michigan will release the results of surveys on U.S. consumer sentiment and inflation expectations.
During choppy trade, the yen plummeted against the U.S. dollar last week amid political uncertainty in Japan, before coming back up somewhat on Friday in the wake of disappointing U.S. employment data.
USD/JPY hit 91.85 at the close of trade on Friday, gaining 0.75% on a weekly basis.
Looking forward, the pair is likely to find short-term support at 90.53, the low of June 1, and resistance at 94.98, the high of May 5 and a 9-month high.
This week, Japan is due to publish data on its gross domestic product, as well as reports on lending activity, currency circulation levels, manufacturing productivity levels and economic sentiment.
In the United States, meanwhile, Federal Reserve Chairman Ben Bernanke is set to testify before Congress, and official data is due to be published on retail sales, initial jobless claims, and the U.S. trade balance. The Fed is also due to publish its Beige Book and a report on its budget balance.
Ahead of the coming week, Forex Pros has compiled a list of these and other significant events likely to affect USD/JPY.
Monday, June 7
Japan is set to publish data on lending activity by banks, the country’s current account balance and on the volume of money currently in circulation.
In the U.S. the Fed will release a report on U.S. consumer credit, and Fed Chair Bernanke is scheduled to speak at an event in Washington, D.C.
Tuesday, June 8
Japan is due to publish data on core machinery orders, a leading indicator of manufacturing production. Also Tuesday, Japan will produce a report on consumer spending, a key indicator of overall economic activity.
In the U.S., two members of the Federal Reserve's Federal Open Market Committee, Elizabeth Duke and Thomas Hoenig, are due to speak at separate public engagements. A private report on U.S. consumer confidence will also be published.
Wednesday, June 9
Japan is due to release GDP data, the broadest measure of economic activity. The country will also publish a corporate goods price index, a leading indicator of consumer price inflation. Meanwhile, an industry group will release data on machinery tool orders in Japan.
In the U.S., Bernanke, the Fed chief, is due to testify before the House Budget Committee in Washington, D.C., and then speak at an event in Richmond. The Fed will publish its Beige Book, analysis used by the FOMC in making their next interest rates decision.
The U.S. will also publish weekly data on crude oil inventories.
Thursday, June 10
Japan will publish official data on consumer confidence, a key signal of consumer spending.
The U.S. will publish data on its trade balance and release closely watched weekly data on initial jobless claims. Also in the U.S., the government will publish a report on the monthly Federal budget balance.
Friday, June 11
The U.S. will release a report on consumer spending, which accounts for the majority of overall economic activity, and a report on business inventories. The Census Bureau will also release key monthly data on U.S. retail sales, the primary gauge of consumer spending.
Also Friday, the University of Michigan will release the results of surveys on U.S. consumer sentiment and inflation expectations.
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