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First reading of second quarter GDP growth in Japan is due on 10/August (Friday).
This will be a major trigger for price action of JPY.
Pairs to be impacted are : USDJPY/EURJPY/GBPJPY
Japan ended its 2 years of economic expansion in the 1st quarter of 2018 when GDP contracted by 0.6% on an YoY basis. But, growth is expected to have bounced back in the 2nd quarter with the economy forecast to have expanded by an 1.4% YoY.
Ahead of that though, household spending and average cash earnings will be looked at on Tuesday.
Recent household spending figures have been dreadful, falling during every month of 2018 so far except in January.
A turnaround of 1.7% month-on-month is expected in June, which would raise hopes that the pick-up in growth that is currently underway would be sustainable.
Wage growth data due the same day could also send positive signals about the economy and the outlook for consumer spending if they maintain the recent uptrend in June.
On Thursday, machinery orders for June will be in spotlight for the latest indication on business spending before attention turns to the GDP numbers on Friday.
USDJPY chart on 4H TF -
Cheers !!
First reading of second quarter GDP growth in Japan is due on 10/August (Friday).
This will be a major trigger for price action of JPY.
Pairs to be impacted are : USDJPY/EURJPY/GBPJPY
Japan ended its 2 years of economic expansion in the 1st quarter of 2018 when GDP contracted by 0.6% on an YoY basis. But, growth is expected to have bounced back in the 2nd quarter with the economy forecast to have expanded by an 1.4% YoY.
Ahead of that though, household spending and average cash earnings will be looked at on Tuesday.
Recent household spending figures have been dreadful, falling during every month of 2018 so far except in January.
A turnaround of 1.7% month-on-month is expected in June, which would raise hopes that the pick-up in growth that is currently underway would be sustainable.
Wage growth data due the same day could also send positive signals about the economy and the outlook for consumer spending if they maintain the recent uptrend in June.
On Thursday, machinery orders for June will be in spotlight for the latest indication on business spending before attention turns to the GDP numbers on Friday.
USDJPY chart on 4H TF -
Cheers !!
