Dollar pares losses versus yen as U.S. GDP data awaited

ForexNewsNow | Published on October 29, 2010 at 6:03 am

Intraday analysis - Japan's flagNEW YORK (Forex News Now) – The dollar pared losses against the yen on Friday, rising from close to a 15-year low, as FX traders awaited U.S. GDP data for the third quarter.

In European morning currency market trading, USD/JPY hit 80.85, down 0.19 percent on the day, after rising from a daily low of 80.54.

The Bureau of Economic Analysis was expected to say later that U.S. GDP, the primary measure of the country’s overall economic output, grew an annualized 2 percent during the third quarter, according to two major online FX trading news outlets, after growth of 1.7 percent in the second quarter.

According to intraday analysis, USD/JPY was likely to touch support around Monday’s 15-year low, 80.41, and encounter immediate resistance around the high of Oct. 7, 83.03.

The yen’s gains also came amid talk of month-end yen demand from Japan exporters as well as dollar selling by overseas hedge funds who had bought the currency pair on Thursday, Reuters reported.

Elsewhere, the yen surged versus sterling: GBP/JPY traded at 128.44, down 0.58 percent, according to intraday analysis.

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