Japan GDP worse than expected, yen unfazed

Ross J Burland FXStreet

Reuters reported that Japan's economy grew 4.6% in the fourth quarter, less than the preliminary estimate of a 5.4% expansion, revised government data showed on Wednesday.

The revised figure for Gross Domestic Product (GDP) released by the Cabinet Office compared with economists' median forecast for a 5.6% rise in a Reuters poll.

On a quarter-on-quarter basis, GDP rose 1.1%, lower than the initial reading of 1.3% and median forecast for a 1.4% increase.

USD/JPY trades around 0.12% higher on the day at 115.76.

About Gross Domestic Product

The Gross Domestic Product released by the Cabinet Office shows the monetary value of all the goods, services and structures produced in Japan within a given period of time. GDP is a gross measure of market activity because it indicates the pace at which the Japanese economy is growing or decreasing. A high reading or a better than expected number is seen as positive for the JPY, while a low reading is negative.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

AUD/USD holds steady near 0.7200 amid escalating US-Iran tensions

AUD/USD consolidates just below its highest level since mid-May, touched on Friday, and hovers around 0.7200 at the start of a new week amid mixed cues. Hawkish RBA expectations continue to act as a tailwind for the Aussie. Meanwhile, the upbeat US NFP report lifted Fed rate hike bets, which, along with escalating US-Iran tensions, underpins the safe-haven US Dollar and caps the currency pair.

USD/JPY hovers around 156.00 as more hawkish BoJ bets cap gains

USD/JPY holds steady above 156.00 on Monday as the US Dollar draws support from escalating US-Iran tensions and rising Fed rate-hike bets, bolstered by Friday's upbeat NFP report. Moreover, concerns over Japan’s fiscal outlook keep the Japanese Yen on the back foot and support the currency pair, though more hawkish BoJ expectations and a suspected intervention cap the upside.

Gold sticks to losses as bears await acceptance below $4,400 amid Fed rate hike bets

Gold attracts some sellers for the second straight day, though it lacks follow-through, and hovers around the $4,400 mark heading into the European session. Moreover, the commodity holds above Friday's swing trough, touched in reaction to the upbeat US monthly employment details, warranting some caution for bearish traders before positioning for any further losses.

Cardano: Strengthening momentum points to cautious upside extension

Cardano trades around $0.222 after rallying over 15% last week. Mixed derivatives data and mildly bullish on-chain metrics point to cautious market sentiment. Meanwhile, strengthening momentum indicators suggest ADA could see further gains if the recovery continues. Cardano derivatives metrics show a mixed sentiment. CoinGlass’ long-to-short ratio for ADA reads 0.94 on Monday.

US Dollar Weekly Forecast: Why one inflation report could matter more than a blockbuster NFP?

Joy can’t last forever, can it? The US Dollar rapidly faded its prior gains and resumed its marked downside this week, with the US Dollar Index coming close to its psychological 100.00 barrier, only to see that dream turn to ashes as market chatter reignited speculation that the Bank of Japan might hike its policy rate at its next meeting.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.