The Yen took some time off. Overview for 18.05.2020
Early in another trading week, USDJPY is barely moving; investors need some new ideas.
The Japanese Yen is rather inactive against the USD on Monday morning. The current quote for the instrument is 107.15.
It seems like investors lack new trading ideas at the beginning of another week of May. Obviously, they prefer to save strengths and wait for new catalysts.
The statistics published in the morning showed that the Japanese GDP managed to stand against external factors and lost only 0.9% q/q against the expected reading of -1.1% q/q. On YoY, the indicator plummeted by 3.4%.
The components of the report show that private consumption lost 0.7% against the expected reading of -1.6%. The private consumption amounts to 605 of the Japanese GDP. It’s quite apparent why people do not spend money: they don’t know what might happen in the future and aren’t sure whether the country’s economy is able to resist another sharp economic slowdown.
The Japanese Export and Import lost 6.0% q/q and 4.9% q/q respectively.
In general, these numbers might have been a good piece of news for the Japanese currency, because expectations were much worse. However, it seems like market players aren’t ready to make any movements right now.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.