The USD/JPY pair has already responded to the news and right now is saving strengths before evening fluctuations.
The Japanese Yen is looking quite stable against the USD on Wednesday. The current quote for the instrument is 111.47.
This morning, Japan reported on the Retail Sales in October. The indicator lost 0.2% y/y, which was quite a surprise for investors. In the previous month, it added 2.3% y/y and the expected reading was +0.1% y/y.
On one hand, the report might have been influence by the seasonal factor, and in this case, the November numbers will be higher. However, on the other hand, the report may indicate a slow decline of the consumer demand. It’s very unlikely, but we can’t exclude such possibility.
Today, investors’ attention will be focused on the US Dollar, this is why the Yen may fluctuate a lot. Later in the evening, the USA will publish a preliminary report on the country’s GDP in the third quarter. Apart from this, several monetary politicians, including Janet Yellen, the Chairwoman of the Federal Reserve, are going to speak. The USD/JPY pair may get very volatile due to the busy evening.
RoboForex Analytical Department