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26 Apr 2013
Forex: USD/JPY falls to 98.13 low after US growth at 2.5% in Q1 (YoY)
FXstreet.com (Barcelona) - The USD/JPY slipped to 98.13 low following the preliminary publication of US GDP in Q1. Annualized data had a big improvement from Q4, from 0.4% to 2.5% growth, but came in lower than market consensus of 3.0%. GDP price also failed to meet expectations: up from 1.0% to 1.2%, below 1.4% consensus.
The US economic calendar also presented flash Personal Consumption Expenditures, which rising pace eased from 1.6% to 0.9% (consensus of 1.1%) in Q1 (QoQ), and its Core data, that rose from 1.0% to 1.2% as expected. US Reuters/Michigan consumer sentiment is due shortly and is expected to rise from 72.3 to 73.2 in April.
“The USD/JPY currency pair is forming another descending wave. We think, today the price may reach the target of this wave at 97.80 and then start a correction towards the level of 98.70”, wrote Roboforex.com analyst Igor Sayadov, suspecting that later the market may start forming another descending structure with the target at 95.80.
The US economic calendar also presented flash Personal Consumption Expenditures, which rising pace eased from 1.6% to 0.9% (consensus of 1.1%) in Q1 (QoQ), and its Core data, that rose from 1.0% to 1.2% as expected. US Reuters/Michigan consumer sentiment is due shortly and is expected to rise from 72.3 to 73.2 in April.
“The USD/JPY currency pair is forming another descending wave. We think, today the price may reach the target of this wave at 97.80 and then start a correction towards the level of 98.70”, wrote Roboforex.com analyst Igor Sayadov, suspecting that later the market may start forming another descending structure with the target at 95.80.