From Japan today we had preliminary data for Q1 GDP. This was very poor data, showing the tenuous nature of Japan’s economic recovery. The annualised q/q came in at -0.7%, its first fall for a year. Exports fell q/q, even as almost every other country on the planet were ramping these higher ahead of US tariffs.
The yen gained after the data, with a strong deflator result, +3.3% y/y. The Deflator in this data is an indicator of inflation. USD/JPY dealt down to circa 145.00. It bounced back from there to highs above 145.40 and is around 145.30 as I post.
News flow was light and of little impact.
The Reserve Bank of New Zealand published the results of its Q2 inflation expectations survey. Both 1- and 2-year inflation expectations rose, helping an already climbing NZD/USD to climb higher. NZD/USD rose from lows around 0.5865 to highs above 0.5900 as I post.
The USD was a little weaker also against EUR, AUD, GBP, CAD.
Gold dropped back to under USD3210.
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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