USDJPY continues plummeting on Wednesday; investors still need “safe haven” assets.
The Japanese Yen continues rising against the USD and right now is trading close to the highs it reached in November 2016. The current quote for the instrument is 107.21.
Today’s statistics from Japan showed that the preliminary GDP Growth Rate in the country added only 0.1% q/q in the fourth quarter 2017 after expanding by 0.6% q/q in the previous quarter and against the expected reading of +0.2% q/q. On YoY, the Japanese economy increased by 0.5% after adding 2.2% the quarter before.
The components of the report showed that the Business Spending rose only by 0.7% q/q against the previous reading of +1.0% q/q. The Private Consumption added 0.5% q/q after losing 0.6% q/q in the previous quarter, but this may be just a correction of the previous decline.
Nevertheless, the country’s economy is keeping its momentum as the indicator has been improving for eight quarters in a row.
The Yen got more expensive in the morning hours and updated the highs it reached on November 11th 2016. The main reason is investors’ increased demand in “safe haven” assets.
RoboForex Analytical Department
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.