Disappointing U.S. Data helps Yen in New York Trading

Barbara Zigah

By: Barbara Zigah

The U.S. Dollar slipped versus the Japanese Yen in early New York trading following the release of economic data which inflamed investor concerns that the pace of the U.S. economy is further slowing. As reported at 9:04 a.m. (EST) in New York, the U.S. unit was trading against the Yen at 87.52 Yen, down from 87.97 Yen.

Durable goods orders slipped for the second consecutive month, an indication to investors that expansion of the manufacturing sector is slowing. Orders for durable goods also slipped by 1.0% according to the U.S. Commerce Department; economists had earlier predicted that durable goods would rise by 1.1%.

The affects of the U.S economic recovery on the Forex market

Investor worries that the American economy is heading for another recession is weighing heavily on the greenback. Later today, the Federal Reserve Bank’s Beige Book will be released, and investors will no doubt be keen to read the recovery assessment from a different, regional perspective. 

One analyst at BNP Paribas suggested that the Beige Book would confirm that the Federal Reserve regional branches hold a dismal view of the U.S. economic recovery. He further suggests that weakness in the greenback will continue with the common currency Euro targeting $1.3130. In the opening New York session today, the Euro was trading at$1.2994, off from the $1.3006 struck late Tuesday on the EBS trading platform.

Barbara Zigah

After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.

Did you like what you read? Let us know what you think!

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

0 User comments

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

Read more
Add new comment
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.