Japanese Yen rises on surprise growth data

The Japanese yen rose against most major currencies, especially US dollar, after positive data exceeded expectations for the world's third-largest economy.

Japan's gross domestic product (GDP) grew by 0.5% in the first quarter reading, while analysts had previously forecast a 0.1% contraction, according to government data.

Whilst Japan's industrial output fell by 0.6% last month, while analysts expected a 0.9% drop.

This comes despite the escalating trade dispute between the United States and China, where Google has today banned some business activities with Huawei.

Google stated that this step is in compliance with the decision of the US administration imposed a ban on companies to stop the use of Huawei technology for its risks to national security.

In terms of trade, by 18:50 GMT, USD/JPY fell by 0.1% to 109.8, and hit the highest price at 110.3 and the lowest price at 109.8.