Investing.com – The yen surged to a fresh daily high against the U.S. dollar on Tuesday, after Japan revised up its projected gross domestic product for the current fiscal year.
USD/JPY hit 90.53 during European afternoon trade, a fresh daily low; the pair subsequently consolidated at 90.6, shedding 0.48%. The pair was likely to find support at 89.89, the low of May 27, and resistance at 91.47, Monday’s high.
Earlier in the day, Japan’s Cabinet Office said the country’s economy will expand 2.6% in the current fiscal year to March 2011, higher than an earlier estimate of 1.4% growth.
The Cabinet Office said the upward projection of Japans' gross domestic product was due to brisk growth in Japan's exports and increased corporate earnings.
The yen was also up against the euro, with EUR/JPY shedding 0.86% to hit 111.16.
Also Tuesday, the National Association of Realtors said existing U.S. home sales were at a seasonally adjusted annual rate of 5.66 million units during the month, down from 5.79 million in April, whose figure was revised up from 5.77 million.
Economists had expected May's figure to come in at 6.1 million.
USD/JPY hit 90.53 during European afternoon trade, a fresh daily low; the pair subsequently consolidated at 90.6, shedding 0.48%. The pair was likely to find support at 89.89, the low of May 27, and resistance at 91.47, Monday’s high.
Earlier in the day, Japan’s Cabinet Office said the country’s economy will expand 2.6% in the current fiscal year to March 2011, higher than an earlier estimate of 1.4% growth.
The Cabinet Office said the upward projection of Japans' gross domestic product was due to brisk growth in Japan's exports and increased corporate earnings.
The yen was also up against the euro, with EUR/JPY shedding 0.86% to hit 111.16.
Also Tuesday, the National Association of Realtors said existing U.S. home sales were at a seasonally adjusted annual rate of 5.66 million units during the month, down from 5.79 million in April, whose figure was revised up from 5.77 million.
Economists had expected May's figure to come in at 6.1 million.