Investing.com – The yen slid against the U.S. dollar on Monday amid guarded hopes over the global outlook after leaders of the G20 nations agreed a common goal of halving budget deficits by 2013.
USD/JPY hit 89. 41 during European morning trade, up from an opening price of 89.31. The pair was likely to find support at 88.96, the low of May 20, and resistance at 89.98, last Thursday’s high.
Earlier Sunday, official data showed that retail trade in Japan rose at a slower than expected rate in May. In a report, Japan’s Ministry of Economy, Trade and Industry said retail sales rose a seasonally adjusted 2.8% in May, after an increase of 4.9% in April.
Economists had expected an increase of 4.7%.
The yen was also down against the euro, with EUR/JPY gaining 0.28% to hit 110.71.
Later in the day, the U.S. was to publish a report on personal consumption expenditures, which describes consumer spending, and data on personal spending and personal income.
USD/JPY hit 89. 41 during European morning trade, up from an opening price of 89.31. The pair was likely to find support at 88.96, the low of May 20, and resistance at 89.98, last Thursday’s high.
Earlier Sunday, official data showed that retail trade in Japan rose at a slower than expected rate in May. In a report, Japan’s Ministry of Economy, Trade and Industry said retail sales rose a seasonally adjusted 2.8% in May, after an increase of 4.9% in April.
Economists had expected an increase of 4.7%.
The yen was also down against the euro, with EUR/JPY gaining 0.28% to hit 110.71.
Later in the day, the U.S. was to publish a report on personal consumption expenditures, which describes consumer spending, and data on personal spending and personal income.