Investing.com – The U.S. dollar was up against the yen on Monday, soaring to a 5-week high after the release of better-than-expected data on Japanese economic growth prompted a wave of risk appetite.
USD/JPY hit 82.97 during early European trade, the pair’s highest since October 7; the pair subsequently consolidated at 82.94, gaining 0.55%.
The pair was likely to find support at 81.54, the low of November 10 and resistance at 83.57, the high of October 1.
Earlier in the day, preliminary data released by Japan’s Cabinet Office showed that the country’s economy grew more-than-expected in the third quarter, expanding for the fourth successive quarter.
Gross domestic product grew 0.9% in the third quarter after growing by a revised 0.4% in the preceding quarter. GDP grew at an annualized rate of 3.9% in the third quarter, up from a revised 1.8% in the second quarter.
Third quarter growth was above the forecast for a 0.6% quarter-on-quarter rise, or an annualized gain of 2.5%.
Following the release of the data, Economy Minister Banri Kaieda said growth was supported by “a temporary increase in consumer spending”.
Meanwhile, the yen was up against the euro, with EUR/JPY shedding 0.05% to hit 112.98.
Later Monday, the U.S. was to release official data on retail sales and manufacturing activity.
USD/JPY hit 82.97 during early European trade, the pair’s highest since October 7; the pair subsequently consolidated at 82.94, gaining 0.55%.
The pair was likely to find support at 81.54, the low of November 10 and resistance at 83.57, the high of October 1.
Earlier in the day, preliminary data released by Japan’s Cabinet Office showed that the country’s economy grew more-than-expected in the third quarter, expanding for the fourth successive quarter.
Gross domestic product grew 0.9% in the third quarter after growing by a revised 0.4% in the preceding quarter. GDP grew at an annualized rate of 3.9% in the third quarter, up from a revised 1.8% in the second quarter.
Third quarter growth was above the forecast for a 0.6% quarter-on-quarter rise, or an annualized gain of 2.5%.
Following the release of the data, Economy Minister Banri Kaieda said growth was supported by “a temporary increase in consumer spending”.
Meanwhile, the yen was up against the euro, with EUR/JPY shedding 0.05% to hit 112.98.
Later Monday, the U.S. was to release official data on retail sales and manufacturing activity.