Forex

Dollar recovers from 2.5-month low against Yen

2019-05-21 12:39:55 GMT (Economies.com)

US dollar fluctuated higher in a narrow range during the Asian session, to rebound for the fifth session in seven from the lowest since the start of February against the Japanese Yen, amid a lack of economic data by the Japanese economy, the third largest economy in the world and the speech of Jerome Powell, Federal Reserve Chair, in Florida, and on the threshold of developments and economic data expected today by the US economy.

 

As of 05:08 GMT, USD/JPY rose 0.08% to trade at 110.15 from the opening level of 110.06, with a high of 110.26, and a low of 110.02.

 

This week, Japanese Economy Minister, Toshimitsu Motegi, said that the foundations of the world's third-largest economy are still good and supported by domestic demand. adding that in contrast, exports and low industrial production continued to slow as the Chinese economy slowed. Pointing out that some companies are postponing capital expenditure while the up-trend of rising domestic demand has not changed.

 

Motegi also noted yesterday after the preliminary reading of the first quarter GDP, which showed an expansion beyond expectations of contraction, that the Japanese government will carefully monitor the impact of crises and market movements on the global economy. On the other hand, US Trade Representative, Robert Lighthizer, is scheduled to visit Tokyo to meet with the Japanese Economy Minister and hold trade talks with him next Friday.

 

On the other hand, we have followed Fed Governor, Jerome Powell's speech titled "Assessing Risks to our Financial System" at the Federal Reserve Bank of Atlanta 24th Annual Financial Markets Conference, 

 

Investors are currently looking for the US economy housing data, and the release of Existing Home Sales Index, which reflect a rise of 2.7% to 5.35 million, versus a 4.9% slide to 5.21 million in March.

 

This comes before we witness the speech of Federal Reserve Bank of Chicago Governor, Charles L. Evans, at the Financial Markets Conference in Florida, and Federal Reserve Bank of Boston Governor, Eric S. Rosengren speech at the Economic Club of New York.

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