Nov. 12, 2020
After starting the day at 105.42, USD/JPY rallied to 105.48, hitting its highest point in 3 weeks, It later lost 34 pips and is now trading at 105.13
On the flip side, positive data for the Yen released earlier when Data for United States Crude Oil Inventories released today at 4:00 PM came out at 4.278, beating projections of -0.913 and showing improvement over the preceding figure of -7.998. Data for United States Initial Jobless Claims released today at 1:30 PM came out at 709, beating projections of 735 and showing improvement over the preceding figure of 757.
Meanwhile, released today at 4:30 AM, Japan's Tertiary Industry Activity Index (MoM) showed an uptick coming in at 1.8, up from the previous number of 0.8.
The Yen is getting closer and is now only 180 pips from the support line at 103.32. Dipping below it might indicate further losses are ahead.
At the same time, Euro/Pound is trading around 0.8998 after starting the session at 0.8905 (up 1.04%). After starting the session at 139.4, pound/yen lost 148 pips and is trading around 137.92. EUR/CAD gained 0.78%, currently at 1.5506. Gold is trading around 1,875.8 after starting the session at 1,861.6 (up 0.76%).
The market will keep its eye on the following upcoming macroeconomics indicators: Japan CFTC JPY speculative net positions are expected tomorrow at 8:30 PM. The United States Producer Price Index looks to be getting worse with an expected 0.2 while the preceding figure was 0.4, New data will be out tomorrow at 1:30 PM. United States Core PPI (MoM) (Oct) expected to decline to 0.2, while its preceding data was 0.4, Data will be available tomorrow at 1:30 PM. United States Michigan Consumer Expectations (Nov) is expected to come out at 78.6 when it's released tomorrow at 3:00 PM, This is a decline from the preceding data which was 79.2.