Q4 2024 GDP data from Japan came in much stronger than expected at +2.8% y/y (expected +1.0%), sending the yen immediately higher. USD/JPY dropped to around 151.90 before showing some stability but the move lower soon continued towards 151.50.
Q4 GDP showed Japan’s economy expanding for third straight quarter with positives from net exports and business capex, amongst others, while domestic demand did drag a little.
The USD showed some weakness more broadly, but much of this dissipated as the session wore on.
Gold showed some life, trading back above USD2900.
From China today was the news that Xi attended a meeting with Chinese key private sector leaders and gave a sup[portive speech. The read on this is the meeting signals a more supportive stance from his government toward private firms after a long time of ignoring the sector. Xi’s presence at the symposium today is point to potentially substantial endorsement.
Take note, its a US holiday on Monday, February 17, 2025:
the NYSE and NASDAQ are closedbonds will not tradeFX trade will be light liquidityCME futures close at midday Central time and reopen at 5pm (1300 – 1800 US Eastern time)In Canada the TSX will be closed.
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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