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by ForexNewsNow Team on July 7, 2010

Yen slips against dollar after flurry of weak Japan data

NEW YORK (Forex News Now) – The yen slipedp against the dollar on Thursday following a flurry of weak economic data from Japan on machinery orders, bank lending, M2 money stock and the country’s current account.

In early Asian currency trading, USD/JPY traded at 87.89, up 0.21 percent on the day.

Japan’s Cabinet Office earlier reported that purchase orders placed with Japanese manufacturers for machines, excluding ships and utilities, slumped 9.1 percent during May, after a rise of 4 percent in April.

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Global forex analysts had expected a slighter decline of 3 percent in May, two major financial news outlets reported.

According to forex analysis, USD/JPY is likely to touch immediate support around the low of July 1, 86.97, and encounter resistance around the high of June 30, 88.76.

The yen’s losses also came as the ruling Democratic Party of Japan sought to secure a parliamentary majority in Sunday’s national elections, without which the party could struggle in pushing through measures to tackle Japan’s massive public debt.

Meanwhile, the Japanese currency fell versus sterling: GBP/JPY traded at 133.55, up 0.24 percent on the day.

 

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