USD/JPY retreats for sixth straight session
USD/JPY tilted lower in Asian trade off October 20 highs amid a lack of data from Japan and ahead of some US data.
As of 06:59 GMT, USD/JPY fell 0.05% to 103.77, with an intraday low at 103.72.
From the US, unemployment claims for the week ending November 13 are expected down two thousand to 707 thousand, while the Philly manufacturing index is expected down to 22 from 32.3.
US existing home sales are expected down 1.2% to 6.45 million units, while the CB leading index is expected up 0.7%.
USD/JPY tilted higher in Asian trade off October 2 lows following earlier data from Japan and ahead of US data today. As of 06:53 GMT, USD/JPY rose 0.07% to 105.24, with an intraday high at 105.30. Earlier Japanese data showed the Tertiary Industrial Index up 0.8% in August, missing estimates of 1.2%. From the US, unemployment claims for the week ending October 10 are expected down 30 thousand to 810 thousand, while continuing claims are expected down 276 thousand to 10.976 million. US Philly Manufacturing Index is expected down to 14.4 from 15, while the Empire State Manufacturing Index is expected down to 13.9 from 17.
USD/JPY tilted lower in Asian trade off October 20 highs following earlier data from Japan and ahead of US data and Fed speeches today. As of 06:59 GMT, USD/JPY fell 0.18% to 105.24, with an intraday low at 105.19. Earlier Japanese data showed producer prices fell 0.2% in October as expected m/m, while falling 2.1% y/y. Japan's machine orders fell 4.4% in September, compared to a 0.2% rise in August, while analysts expected a 1.1% decline. From the US, unemployment claims for the week ending November 7 are expected down 21K to 730K, while continuing claims are expected down 385K to 6.9 million. US consumer prices are expected up 0.1% in October, as core prices are estimated up 0.2%. Federal Reserve Chair Jerome Powell is due to participate in a panel discussion about monetary policy at the ECB Forum on Central Banking, via satellite. The World Health Organization said the coronavirus vaccine could change the situation completely by the end of the year, with Pfizer announcing its vaccine is over 90% effective. According to the WHO, the global Covid 19 infection count rose to 51.25 million cases so far, with the death toll standing at 1.270 million.
The US dollar rose against its peers on Tuesday, to rebound from its 3-week low that hit yesterday. Investors focused on the corporate business results season for the third quarter, amid expectations improvement from the pandemic impact. The International Monetary Fund estimated the global GDP to shrink by 4.4% in 2020, but will grow by 5.2% in 2021. The IMF also warned in its October's report of a slowdown in the global recovery path from the coronavirus impact. Data showed today that the US consumer price index rose 0.2% in September, on par with economists' forecasts. The dollar index rose against a basket of currencies by 0.5% to 93.5 points as of 18:37 GMT, after it hit a high of 93.5 and a low of 93.03.