The Japanese yen retained its strength against the vast majority of its most-traded peers even though macroeconomic data released over the Wednesday’s session in Japan was not that good.
Japan’s gross domestic product rose 0.1% in the December quarter from the previous three months, missing expectations of a 0.2% growth and slowing from the previous quarter’s revised growth of 0.6%. The GDP Deflator was unchanged, year-over-year, in line with expectations but also slowing from the previous quarter’s revised 0.2% rate of growth. Despite the underwhelming data, the yen retained strength it demonstrated yesterday, though, surprisingly enough, not against the New Zealand dollar.
USD/JPY fell from 107.81 to 107.38 as of 11:50 GMT today, and its daily low of 106.83 was the lowest since November 2016. In the meantime, NZD/JPY edged up from 78.38 to 78.49.
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