Dollar rebounds from 7-month low versus Japanese yen

US dollar rose today during the Asian session, to rebound from its lowest rates since the last January, when it tested its lowest since March 26th 2018 versus Japanese Yen after developments and economic statements by the Japanese Economy -The third largest economy in the world- and on the threshold of economic data release by the American today.

As of 06:21 GMT, USD/JPY rose by 0.46% to reach 106.44 compared to the opening levels at 105.95, hitting the highest today at 107.09, while the lowest in seven months at 105.52 .

We have also followed the Japanese economy release its annual reading of the average cash earnings which showed a rise by 0,4% against a drop by 0,5% in May, beating forecasts of a drop by 0.8%, in addition to the release of the Household Spending annual reading which has slowed to 2.7% vs 4% in may, beating forecasts of 1.3%.

Leading to the release of the leading indicators, which showed a narrowing to 93.3 versus 94.9 in May, worse than expectations of 93.6. which came hours after the Japanese Prime Minister Shinzo Abe expressed his concerns at the beginning of this week over the slowing global economic growth due to the trade tensions and their impacts on the economy of his country, stressing his government's commitment to do the necessary work to support the economy in the face of local and global challenges.

On the other hand, investors are anticipating the Chicago Federal Reserve Chairman, Charles Evans' speech at a media breakfast event hosted by the Bank of Chicago, before the release of the JOLTS Job Openings reading in the US, which may rise to 7.34 million from 7.32 million in May.

In addition to St. Louis Federal Reserve Chairman James Pollard's speech about the economy and monetary policy at the National Economists Club Signature Luncheon, in Washington DC, after President Trump demanded the Federal Reserve to act quickly to face China manipulation of the yuan currency rates, which he described as a big violation during the trade dispute between the two countries.