USD/JPY rises for third session to 6-week high

US dollar rose against Japanese yen in the asian market today, rebounding from its lowest level since November 9th, 2016, while rising to the highest since the first of August, when it tested the highest since late May, after the release of major Japanese economic data and ahead of key data releases by the US economy.

As of 6:01 GMT, USD/JPY rose by 0.22% to 107.78 points, from the opening of 107.54, after hitting a 6-week high at 107.85, with a low of 107.50.

The Bank of Japan revealed the manufacture business index survey which showed that the contraction narrowed by 0.2 vs.10.4, beating forecasts of 7.1 points, while the overall industry expanded to 1.1 vs. 3.7 contraction in Q2, also beating forecasts of 1.0.

The markets are anticipating today the release of the US PPI reading, with forecasts of it to hold at zero levels vs. 0.2% growth in July, with the core PPI growing by 0.2%, the annual reading of the same index may also grow by 1.7%.

The core annual PPI reading is expected to grow to 2.2% vs. 2.1% in July, and the final reading for the wholesale inventory index is expected to rise by 0.2%, the same as the initial reading for July and vs. stability at 0% in June.