Shutterstock photo
Markets

Forex - USD/JPY higher after tankan data

Shutterstock photo

Shutterstock photo

Investing.com - The U.S. dollar rose against the Japanese yen during Monday's Asian session following the releasing of bullish second-quarter tankan manufacturing data.

In Asian trading Monday, USD/JPY rose 0.17% to 99.35 after earlier trading as high as 99.55. The pair is likely to find support at 98.32, Friday's low and resistance at 100.45, the high of June 5.

Last Friday, USD/JPY rose to session highs of 99.45, the pair's highest since June 6, before settling at 99.11, up 0.83% for the day and extending the week's gains to 1.23%.

Earlier Monday, the Bank of Japan's tankan survey showed surprisingly positive sentiment among large manufacturers in the world's third-largest economy. The sentiment reading for large manufacturing enterprises jumped to 4 from a previous reading of -8. Economists expected readings ranging from 3 to 4.

The reading applies to the second quarter and is the first positive reading in two years. Sentiment among large non-manufacturers jumped to 12 from 6 in the first quarter. The survey also showed sentiment among mid-sized manufacturers improved to -4 from -14.

In U.S. economic news out last Friday, the Thomson Reuters/University of Michigan's final reading on June U.S. consumer sentiment was 84.1, well above the initial reading of 82.7. Economists expected a final June reading of 82.8.

Chicago are PMI fell to a 51.6 reading from 58.7 in May. Economists expected a June reading of 55. Readings above 50 indicate expansion.

Elsewhere, EUR/JPY added 0.22% to 129.33 while AUD/JPY jumped 0.39% to 91.02. NZD/JPY rose 0.28% to 77.02.

Investing.com - Investing.com offers an extensive set of professional tools for the Forex, Commodities, Futures and the Stock Market including real-time data streaming, a comprehensive economic calendar, as well as financial news and technical & fundamental analysis by in-house experts.

Read more News on Investing.com or Follow us on Twitter at @ Newsinvesting

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.

Other Topics

ForEx