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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD battles 1.11 amid upbeat US data, trade concerns

EUR/USD is struggling to hold onto 1.11 after robust US housing figures and solid consumer sentiment figures were published. Earlier, the common currency suffered from the concerns of new US tariffs on the EU.

EUR/USD News

GBP/USD crashes over 90 pips as UK retail sales badly disappoint

GBP/USD has plunged below 1.3050 after UK retail sales badly disappointed with a fall of 0.6% in December, on top of downward revisions. Odds of a BOE cut have risen.

GBP/USD News

Crypto market hyperspace mode On

The secondary actors of the crypto-sphere awaken and rally hard. Leading coins battle with greater resistance at the gates of a full bullish market. The only risk is an over-shoot, but that sentiment remains neutral.

Read more

Gold: Sustained move beyond 200-hour SMA sets the stage for further gains

Gold edged higher through the mid-European session on Friday and is currently placed near the top end of its weekly trading range, around the $1560 region.

Gold News

USD/JPY: Losing bullish momentum but retaining gains

Chinese encouraging data kept markets in risk-on mode at the beginning of the day. The US January Michigan Consumer Sentiment Index is seen at 99.3, matching December figure. USD/JPY holding at the upper end of its weekly range could correct lower.

USD/JPY News

Forex MAJORS

Cryptocurrencies

Signatures