Forex - Dollar pushes higher vs. yen after China GDP

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Investing.com - The dollar pushed higher against the yen on Monday after official data showed that Chinese economic growth met expectations in the second quarter, easing concerns over a slowdown in the world's second largest economy.

USD/JPY hit 99.41 during late Asian trade, the session high; the pair subsequently consolidated at 99.38, gaining 0.16%.

The pair was likely to find support at 98.66, Friday's low and resistance at 100.15, the high of July 4.

Official data showed that Chinese gross domestic product expanded 7.5% in the second quarter from a year earlier, following growth of 7.7% in the three months to March and in line with expectations.

Separate reports showed that Chinese retail sales rose to13.3% on a year-over-year basis in June, up from 12.9% in May, while industrial production declined to 8.9% in June from 9.2% the previous month.

Elsewhere, the yen was steady against the euro, with EUR/JPY dipping 0.01% to 129.68.

The U.S. was to release official data on retail sales and the Empire State manufacturing index later in the trading day.




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This article appears in: Investing , Forex and Currencies

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