U.S. dollar rallies versus Japanese yen on renewed risk appetite due to the rally in U.S. equities
The greenback rallied against the Japanese yen on Friday as the release of U.S. personal income and spending data together with the rise in U.S. equities boosted risk appetite.
U.S. personal income and personal spending, both came in as expected at 0.3%.
Versus the Japanese yen, the greenback traded sideways in Asia and rose to 102.38 in European morning. Dollar later rallied to 102.78 in New York morning on increased risk appetite after the release of U.S. data together with the rise in U.S. equities. The pair later climbed to an intra-day high at 102.98 before easing in late New York.
Although the single currency traded sideways in Asia and dropped briefly to session's near 4-week low at 1.3705 in European morning, euro pared intra-day losses and rebounded to intra-day high at 1.3774 in New York morning on improved risk appetite due to the rally in U.S. equities together with the release of German inflation data.
German CPI m/m and y/y came in at 0.3% and 1.0% vs forecasts of 0.4% and 1.1% respectively.
Although the British pound traded with a firm undertone in Asia, price edged lower to session low at 1.6599 in European morning, price pared intra-day losses and rose in tandem with euro to 1.6651 in New York morning.
In other news, ECB's Visco said 'signs of recovery in Italy encouraging but must be confirmed over next months and years, essential reforms continue.'
On the data front, EU economic sentiment and business climate rose to 102.4 and 0.39 from previous readings of 101.2 and 0.37 respectively.
Data to be released next week :
Australia HIA home sales, Japan manufacturing PMI, industrial production, construction orders, housing starts, U.K. hometrack housing survey, mortgage approvals, France GDP, Swiss KOF leading indicator, EU CPI, Italy HICP, Canada, GDP, average weekly earning, U.S. Chicago PMI on Monday.
Australia Rate decision, Japan Tanken large manufacturing index, Tanken non-manufacturing index, China manufacturing PMI, HSBC manufacturing PMI, Swiss manufacturing PMI, Italy manufacturing PMI, unemployment rate, France manufacturing PMI, Germany manufacturing PMI, unemployment change, unemployment rate, EU manufacturing PMI, unemployment rate, U.K. manufacturing PMI,, U.S. Markit PMI, ISM manufacturing, construction spending on Tuesday.
Australia building approvals, U.K. PMI construction, EU PPI, U.S. ADP employment change, ISM New York, factory orders on Wednesday.
Australia retail sales, trade balance, China non-manufacturing PMI, HSBC service PMI, Italy service PMI, France service PMI, Germany service PMI, EU service PMI, retail sales, rate decision, U.K. service PMI, Canada trade balance, U.S. trade balance, initial jobless claim, ISM non-manufacturing index on Thursday.
Mon 27 May 2019 AAGB/US- Holiday Tue 28 May 2019 A 14:00 US- Consumer Confidence C 13:00 US- Case-Shiller Wed 29 May 2019 A 08:55 DE- Employment AA 18:00 US- BOC Decision A 18:30 US- EIA Crude Thu 30 Mar 2019 AAEZ/CH- Holiday A 12:30 US- Weekly Jobless Fri 31 Mar 2019 AA 10:00 EZ- Flash HICP A 12:30 US- Personal Income, Spending, Deflator AA 14:00 US- Final Univ of Michigan
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