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Forex - USD/JPY falls in mid-day Asian trade

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In early Asian trade USD/JPY hit 77.51, the pair's highest since Thursday ; the pair subsequently consolidated at 77.30, dropping 0.22%.

The pair was likely to find support at 76.47, Tuesday's low, and resistance at 77.70, the day's high.

Earlier in the day, the U.S. Department of Labor reported that the number of Americans filing for unemployment assistance rose by 5,000 to a seasonally adjusted 417,000, in the week ending August 19.

Market expectations were for jobless claims to fall to 405,000 from 412,000 the previous week.

In addition, the Labor Department said those who continue to receive state unemployment checks fell by 80,000 to 3.64 million in the week ended Aug 13.

Continuing claims are reported with a one-week lag, and expectations were for a decline to 3.70 million.

Japan's Statistics Bureau announced late Thursday that the core consumer price index for July rose 0.1% year on year, while Tokyo's core consumer price index fell to an annualized rate of minus 0.2% from 0.4% the preceding month.

The rise in the national consumer price index helped to temporarily diffuse ongoing deflation concerns in Japan, as the economy battles to recover from the devastating March 11 earthquake.

Meanwhile, the yen moved higher against both the euro and the British pound with EUR/JPY down 0.04% to hit 111.32, and GBP/JPY falling 0.15% to hit 125.91.

U.S. Federal Reserve Chairman Ben Bernanke was scheduled to speak later Friday at the central bank's annual meeting in Jackson Hole, Wyoming.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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