USD/JPY prods five-day uptrend above 136.00 on upbeat Japan GDP, receding US default fears – by anilpanchal7 USDJPY RiskAppetite YieldCurve GDP CentralBanks
improved to 0.4% MoM for April, from -0.7% prior versus 0.7% expected. More importantly, Retail Sales Control Group for the said month crossed market forecasts of 0.0% and -0.4% prior with 0.7% actual figure whereas Retail Sales ex Autos matches 0.4% MoM estimations for April¸ surpassing the -0.5% prior. Further, the US Industrial Production MoM rose to 0.5% for April versus expectations of printing a 0.0% figure.
Elsewhere, US President Joe Biden and top congressional Republican Kevin McCarthy’s meeting ended within an hour and raised expectations of positive development as congressional leaders, said, "It is possible to get a deal by the end of the week." Following the news, Reuters quotes the S&P Global Market Intelligence data while marking a fall in the one-year US Credit Default Swap spreads from 164 basis points to 155 bps.
Apart from the Japanese GDP, recent hopes of more investment by private firms in Japan also weigh on the. That said, Japanese media Yomiuri mentioned that Prime Minister Fumio Kishida plans to seek chip firms' active investment in Japan and cooperation with Japanese companies.
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