Yen presser høyere, BNP mykere enn forventet – MarketPulse

• Japan’s Q3 GDP revised lower to -2.9%
• Japanese yen gains ground but can’t consolidate
• Amerikanske ikke-farm-lønnslister forventes å stige til 180,000 XNUMX

The Japanese yen continues to show strong swings. In the European session, USD/JPY is trading at 143.94, down 0.16%. Earlier, the yen gained as much as 1.1% but couldn’t consolidate and surrendered almost all of these gains.

Japan’s Q3 GDP declines more than expected

Japan’s GDP contracted by 2.9% y/y in the third quarter, revised downwards from the initial estimate of 2.1% and below the revised market forecast of -2.0%. Consumer and business spending declined, and real wages and household spending also fell. Inflation remains high and continues to squeeze consumers.

The Bank of Japan will be paying particular attention to the fact that wages continue to fall sharply. inflation-adjusted real wages declined by 2.3% y/y in October, marking a 19^th straight monthly decline. The BoJ has insisted that it will not exit its ultra-loose policy until 2% inflation is sustainable, and that would require stronger wage growth. The soft GDP release and the disappointing wage data could complicate the BoJ’s plans to tighten policy.

The BoJ’s signals this week that it is looking to shift policy sent the yen surging on Thursday, with massive gains of 2.14%. Governor Ueda and BoJ Deputy Governor Ryozo Himino hinted at changes in policy, which was most unusual from the normally tight-lipped central bank. The yen reacted with huge gains and the December 18-19 meeting will be eagerly anticipated, as the BoJ could make some major announcements.

Nonfarm payrolls expected to rise

All eyes are on the US nonfarm payroll release later today. After falling sharply in October to 150,000 from a revised 297,000, nonfarm payrolls are expected to rebound to 180,000. If nonfarm payrolls are weaker than expected, speculation of a Fed rate cut will rise, and that could push the US dollar lower in the North American session.

.

USD / JPY Teknisk

• USD/JPY testet støtte på 143.72 tidligere. Nedenfor er det støtte på 143.27
• Det er motstand på 144.39 og 144.84

Innholdet er kun til generell informasjon. Det er ikke investeringsråd eller en løsning å kjøpe eller selge verdipapirer. Meninger er forfatterne; ikke nødvendigvis OANDA Business Information & Services, Inc. eller noen av dets tilknyttede selskaper, datterselskaper, ledere eller styremedlemmer. Hvis du ønsker å reprodusere eller redistribuere noe av innholdet som finnes på MarketPulse, en prisvinnende valuta-, råvare- og globale indeksanalyse og nyhetssidetjeneste produsert av OANDA Business Information & Services, Inc., vennligst gå til RSS-feeden eller kontakt oss på info@marketpulse.com. Besøk https://www.marketpulse.com/ for å finne ut mer om takten til de globale markedene. © 2023 OANDA Business Information & Services Inc.