USD/JPY spikes to fresh session tops, around 108.15-20 area on upbeat US retail sales
|- US monthly retail sales figures surpass market expectations and boost the USD.
- A modest pickup in the US bond yields remained supportive ahead of Powell’s speech.
The greenback picked up the pace in reaction to the upbeat US retails sales data and lifted the USD/JPY pair to fresh session tops, around the 108.15 region in the last hour.
Data released on Tuesday showed that the headline retails sales recorded a stronger growth of 0.4% in June, matching the previous month's downwardly revised reading and surpassing consensus estimates that pointed to a modest 0.1% rise.
Adding to this, sales excluding automobiles and the closely watched Control Group sales also bettered market expectations, which against the backdrop of a modest pickup in the US Treasury bond yields provided a goodish lift to the US Dollar.
Barring the initial reaction, the uptick lacked any strong follow-through as investors now seemed reluctant to place any aggressive bets ahead of the Fed Chair Jerome Powell's scheduled speech, which will be looked upon for fresh clues about the central bank's policy outlook.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.