USD/JPY adds to gains to rally above 124.00

USD/JPY was the top performer in Asia on Thursday, adding to gains to reach a fresh high at 124.31, the highest since 2002, beating Wednesday’s high of 124.06. The greenback has been on a roll after a string of upbeat US economic data which strengthen the case for a rate hike. Fed Chair Janet Yellen signaled in a speech last week the US central bank was on track for raising interest rates later this year. Meanwhile data from Japan today were disappointing, as retail sales came in lower-than-expected, which weighed on the yen.

Other yen crosses were up, with EUR/JPY up from 134.76 to 135.45 and GBP/JPY edging higher from 189.64 to 190.68.

EUR/USD was steady to trade in a 1.0890-1.0921 range, consolidating after rising yesterday on chatter from Greece that a deal with creditors was close. This was later denied.

GBP/USD was quiet in Asia, trading sideways between 1.5338-67, but off the low yesterday of 1.5301.
Resistance at 1.5370 is capping the pair.

USD/CHF was heavy in Asia and slipped from 0.9503 to 0.9479, mostly on profit-taking.

AUD/USD opened in Asia at 0.7733, jumped up to 0.7762 and then plunged to 0.7671 in reaction to a CAPEX report which was much worse than expected. The RBA outlook was unchanged, with a May Orate cut already discounted by the markets.

NZD/USD opened in Asia at 0.7267, off from 0.7273 to 0.7229 along with the fall in AUD.

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Source:: USD/JPY adds to gains to rally above 124.00

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