FXStreet (Córdoba) – USD/JPY spiked to fresh daily highs above 124.00 as knee-jerk reaction to better-than-expected US retail sales figures, but the optimism was tempered by disappointing jobless claims.
US retail sales rose 1.2% in May, a sign of increasing consumer spending, beating expectations of a 1.1% increase and following a flat reading in April. Excluding autos, sales climbed 1.0% versus 0.7% expected. On the soft side, US initial jobless claims rose to 279K last week, versus 277K expected.
USD/JPY moved quickly to a high of 124.13 only to fall back to the 123.45 area a few minutes later as optimism faded. At time of writing, the pair is trading at 123.50, 0.72% above its opening price, and below 123.75 before the releases.
(Market News Provided by FXstreet)