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Forex - Yen weaker as corporate goods prices drop, Kuroda ahead

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Investing.com -

Investing.com - The Japanese yen ticked slightly lower on Friday after data showed corporate goods prices dropped a year after a controversial sales tax was implemented.

USD/JPY changed hands at 119.20, up 0.04%,after the data.

In Japan, the release of April CGPI showed a drop of 2.1% year-on-year, matching expectations and notching the first drop in 25 months since -0.5% in March 2013 as the base effect of the April 2014 sales tax hike fades.

Bank of Japan Governor Haruhiko Kuroda is due to speak on monetary policy at a seminar hosted by the Yomiuri Shimbun in Tokyo from 1240 to 1340 (0340 to 0440 GMT).

Late in the session, at 1400 (0500 GMT) the April consumer confidence survey is due. In March, the consumer-confidence index rose 0.8 points to a seasonally adjusted 41.7, marking the fourth consecutive rise and the highest since 41.7 in December 2013.

The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, rose 0.04% to 93.44.

AUD/USD traded at 0.8085, up 0.04%.

Overnight,the dollar remained at four-month lows against a basket of other major currencies on Thursday, as data showing that U.S. jobless claims fell unexpectedly last week failed to fuel optimism over the strength of the country's economy.

In a report, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending May 9 fell by 1,000 to 264,000 from the previous week's total of 265,000.

Analysts had expected initial jobless claims to rise by 10,000 to 275,000 last week.

A separate report showed that U.S. producer prices fell 0.4% in April, compared to expectations for a 0.2% rise, after an uptick of 0.2% the previous month.

Core producer prices, which exclude food, energy and trade, slipped 0.2% last month, confounding expectations for a 0.1% gain, after a 0.2% rise in March.

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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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