The Yen is ready to rise. Overview for 08.03.2018
USDJPY is being dragged down again; the USD remains weak.
On Thursday, the Japanese Yen is growing against the USD. The current quote for the instrument is 105.94.
The statistics published in the morning showed that the Final GDP Growth Rate report turned out to be better than expected. The country’s economy added 0.4% q/q against the expected reading of +0.2% q/q. On YoY, the indicator improved by 2.4%, which is better that the expected reading of +2.2%.
The indicator was boosted by private non-residential investment (+1.0%), household consumption (+0.3), exports of goods and services (+2.4%), and imports (+2.9%). On the other hand, public investments lost 0.2% and private residential investment shrank by 2.6%.
Another report, the Bank Lending, showed growth by 2.1% y/y in February after adding 2.3% y/y the month before and against the expected reading of +2.4% y/y.
However, the Japanese Yen would have behaved much quieter if the USD hadn’t been under pressure. This morning, the American currency has a chance to recover a little bit until the results of the ECB meeting are published in the evening.
RoboForex Analytical Department
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