USD/JPY edges higher after weak Japan GDP

USD/JPY opened on Monday at 124.28 and traded between 124.25-45 in Asia session. The yen was weakened after Japan’s second-quarter GDP showed the economy shrank by an annualized 1.6 percent, down sharply from the 4.5 percent expansion of the first quarter.

EUR/USD opened in Asia at 1.1110 after easing during Friday’s US session on higher US yields. The pair edged higher to 1.1118 in early Asia before coming under some pressure and slid down to 1.1091. EUR/USD gained last week when China fears dampened a September Fed rate hike expectation but now the market will price back in a Sept Fed hike. Also Greece concerns are out of the way so market focus is back on the diverging monetary policies between the ECB and the Fed. This should pressure EUR/USD lower in the days ahead.

GBP/USD opened on Monday at 1.5663 and traded between 1.5642-65 in Asia.

AUD/USD started the new trading week at 0.7380 and traded 0.7360-99 in Asia. The aussie was sold early ahead of the Chinese Yuan fix but then AUD/USD moved to 0.7399. RBA monetary meeting minutes come into focus early on Tuesday.

NZD/USD opened on Monday at 0.6539 and traded a tight 0.6528/45 range in a quiet Asian session in the absence of domestic data.

The post USD/JPY edges higher after weak Japan GDP appeared first on Forex Circles.

Source:: USD/JPY edges higher after weak Japan GDP

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