29 Apr 2015
USD/JPY reverses, back below 119.00
FXStreet (Córdoba) - USD/JPY reversed and erased most of the day’s gains after the release of US economic data. The pair peaked during the European session at 119.37 but then lost strength and turned to the downside after economic data from the US.
USD hit by US economy
First quarter GDP growth slowed to an annualized rate of 0.2%, below the 1% expected by analysts. The data increased speculations that the Federal Reserve might rise interest rates for the first time later than previously expected.
The pair boomed after the beginning of trading in Wall Street at 118.77, slightly above Asian session lows and currently is hovering around 118.85/90, holding a bearish tone but with the US dollar still defending the 118.70/80 support area that capped the downside on Monday and also on Tuesday.
USD hit by US economy
First quarter GDP growth slowed to an annualized rate of 0.2%, below the 1% expected by analysts. The data increased speculations that the Federal Reserve might rise interest rates for the first time later than previously expected.
The pair boomed after the beginning of trading in Wall Street at 118.77, slightly above Asian session lows and currently is hovering around 118.85/90, holding a bearish tone but with the US dollar still defending the 118.70/80 support area that capped the downside on Monday and also on Tuesday.