USD/JPY climbs for fourth straight session

Economies.com
2021-12-16 06:08AM UTC

USD/JPY tilted higher in Asian trade ahead of important US data today and following the Federal Reserve's meeting this week. 

 

AS of 06:15 GMT, USD/JPY rose 0.15% to 114.15, with an intraday low at 113.99, with an intraday high at 114.25.

 

From Japan, the trade deficit ballooned to 955 billion yen from 69 billion yen in October, while the seasonally adjusted deficit winded to 0.49 trillion yen from 0.42 trillion.

 

Japan's exports rose 20.5%, compared to a 9.4% increase in October, while on a yearly basis, imports rose 43.8%, compared to 26.7% in October. 

 

Japan's manufacturing PMI tapered off to 54.2 from  54.5 in November, missing estimates of 55.00.

 

From the US, the Philly manufacturing index are estimated to show a reduction to 29.6 in October from 39.00 in November, while unemployment claims for the week ending December 11 are expected up 8 thousand to 196 thousand. 

 

US housing starts might show an increase of 1.57 million, compared to a 0.7% decrease to 1.52 million in October, while building permits are expected up 1.66 million units. 

 

US industrial production might show a slowed growth of 0.6% from 1.6% in October, while the energy utilization rate is expected up to 76.9% from 76.4%. 

 

US services PMI is expected up to 58.9 from 58.00 in November following the results of the Federal Reserve's meeting this week.

 

The Fed voted to maintain rates at record lows below 0.25%, while doubling the rate of reducing bond purchases to $30 billion a month as expected. 

 

The Fed now expects 3 rate hikes in 2022, and another 3 in 2023, and two in 2024. 

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