US dollar ups against Japanese yen

Posted 04 January, 2018

US dollar posted an increase in the USD-JPY pair at the Asian session on Thursday. At the same time, AUD improved just slightly staying generally sluggish despite increasing China's services PMI of China released by Caixin, which plays an important role since China is considered as the main trade partner of Australia.

Specifically, USD-JPY changed hands at 112.63 (0.11% up) and AUD-USD – 0.7839 (0.05% up). Caixin reported higher services PMI last month – 53.9 (forecast – 51.8; November level – 51.9).  

DXY added 0.04% to 93.96.  

As minutes of US Federal Reserve’s meeting in December read, there are views that lower taxes for companies and private individuals can drive consumer and corporate spending up. Yet, the officials are not sure of how strong influence from the recent reform will be.

US Federal Reserve Service revised its 2018 GDP outlook upwards to 2.5% (2.1% earlier).    

The majority of the officials are optimistic about higher stock market indices, but some of them worry that overadaptive policy can summon bubbles.

US dollar hit a 4-week bottom yesterday, but then improved in light of the upward economic data, which only supported forecasts for stable growth.

In particular, Better results have been posted by Institute of Supply Management (ISM) and Department of Commerce (DOC). Specifically, ISM recorded PMI at 59.7 in December despite anticipated stable rate at 58.2 (the indicator above 50 shows a positive development of the sector). DOC said that construction expenses peaked at $1.257 trillion in November, adding 0.8% instead of 0.6% expected by economists.

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