Forex Today: US Dollar awaits key data, Japanese Yen holds near multi-decade lows
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Forex Today: US Dollar awaits key data, Japanese Yen holds near multi-decade lows
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Here is what you need to know on Thursday, June 27:
The Japanese Yen (JPY) recovers slightly after falling to its weakest level since 1986 against the US Dollar (USD) on Wednesday. The European Commission will release consumer and business sentiment data in the European session. The US economic docket will feature the final revision to the first-quarter Gross Domestic Product growth, weekly Initial Jobless Claims, Durable Goods Orders and Pending Home Sales data for May. Later in the day, market focus will shift to the first US Presidential Debate between Joe Biden and Donald Trump.
US DOLLAR PRICE THIS WEEK
The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.00% | 0.06% | 0.43% | 0.00% | -0.37% | 0.42% | 0.35% | |
| EUR | 0.00% | 0.07% | 0.48% | 0.05% | -0.34% | 0.47% | 0.43% | |
| GBP | -0.06% | -0.07% | 0.36% | -0.03% | -0.42% | 0.39% | 0.35% | |
| JPY | -0.43% | -0.48% | -0.36% | -0.41% | -0.75% | 0.05% | -0.07% | |
| CAD | -0.00% | -0.05% | 0.03% | 0.41% | -0.36% | 0.42% | 0.38% | |
| AUD | 0.37% | 0.34% | 0.42% | 0.75% | 0.36% | 0.81% | 0.77% | |
| NZD | -0.42% | -0.47% | -0.39% | -0.05% | -0.42% | -0.81% | -0.05% | |
| CHF | -0.35% | -0.43% | -0.35% | 0.07% | -0.38% | -0.77% | 0.05% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
Following the subdued action seen earlier in the week, USD/JPY gathered bullish momentum and climbed to its highest level since 1986 above 160.80 on Wednesday. Verbal intervention from Japanese government officials helped the JPY stage a rebound early Thursday, allowing USD/JPY to retreat back below 160.50. Japan’s Chief Cabinet Secretary Hayashi and Finance Minister Shunichi Suzuki both refrained from commenting on foreign exchange levels but said that they are watching the action in currency markets with a sense of urgency and reiterated that they are prepared to take necessary actions. Meanwhile, the data from Japan showed earlier in the day that Retail Trade grew 3% on a yearly basis in May, surpassing the market expectation and April's growth of 2%.
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