USD/JPY claws back some losses

USD/JPY opened in Asia on Monday at 119.23, near the lows of Friday after the pair took a tumble on a series of weak US data. The New York Fed manufacturing index fell short of forecasts for May and US industrial production data fell 0.3% m/m in April versus expectations of a 0.1% increase. Meanwhile, the University of Michigan consumer confidence index dropped in May.

Monday’s data out in the Asian session showed Japan core machinery orders gained 2.6% in March, compared to an expected rise of 1.8% month-on-month and a 0.4% drop in February. The yen did not strengthen and USD/JPY rose to a session high of 119.74.

Focus for the USD/JPY pair will be Wednesday’s Federal Reserve minutes for clues on the possible timing of a rate increase. Friday’s data on U.S. inflation will also be closely monitored.

AUD/USD opened at 0.8032 and slid to a low of 0.8017 after comments from a central bank deputy governor. Also weighing on the aussie was weak house price data from China, which is Australia’s largest trading partner. House prices for April year-on-year fell 6.1%, the same pace as seen in March.

EUR/USD opened on Monday at 1.1445 and consolidated gains made on Friday when the pair surged from a low of 1.1323 on the back of weak US data.

The post USD/JPY claws back some losses appeared first on Forex Circles.

Source:: USD/JPY claws back some losses

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