Friday, May 31, 2013

XEMARKETS EURJPY ON JAPAN CPI FRIDAY 31.05.2013


What a difference a day makes as today's USD tumble was attributed to a modest miss in Q1 GDP revision (2.4% vs exp 2.5%), while the important PCE rose to a higher than expected 3.4%. USDX failed to reach the 85 resistance, but support looks to remain intact around 80.70. AUDUSD rebounded on higher than expected Capex spending plans but failed to reach our 0.9700 short. EUR and CHF were among the day's best performers. Tonight's April CPI figures (00:30 London) from Japan are expected to show improved data all around, which may justify the weak-yen policy and support yen crosses. With EUR outperforming most major FX lately, EURJPY will be particulat to watch as Japan's inflation data is released amid 13-month highs in JGB yields.  CAD awaits tomorrow's March GDP figures, which will help determined the fate of our latest USDCAD longs.
by Ashraf Laidi
May 30, 2013 20:38



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