By TraderVox.com
Tradervox.com (Dublin) – The pair opened the week with attempts to break the line at 79.10. However, this resistance line held firm and the pair fell to 78.46 after a series of poor US data. The BOJ meeting minutes revealed that board members were unanimous in keeping interest rates between 0 and 0.1 percent but domestic economy has been sluggish. Some of the events to lookout for this week are as follows.
On Tuesday at 2350hrs, the Japan’s Trade Balance data will be released. In May, the adjusted merchandise trade deficit climbed to 657.2 billion yen from 512.0 billion yen in April. The exports have dropped by 0.5 percent and imports increased by 1.9 percent. This data for last month is expected to show a contraction in trade deficit to 390 billion yen. The other major event will be released on Wednesday at 2350 hrs. The Corporate Services Price Index (CSPI) climbed by 0.1 percent in May to reach 96.1 points. This time, the market is predicting that the index will remain unchanged.
Masaaki Shirikawa will give his speech just 10 minutes on to Thursday GMT. The BOJ Governor will speak at a Futures Industry Association in Tokyo where he is expected to explain BOJ’s decision to keep its monetary policy unchanged despite the strengthening yen. He might also indicate any measures of intervention. On the same day at 2330hrs, Tokyo Core CPI data will be released in Tokyo. Last month’s data showed a decrease from the same month last year registering a decline of 0.6 percent; the index had dropped by 0.8 percent the previous month. This month an equal drop of 0.6 percent is expected.
The Retail Sales report will be the last report from Japan and will be released on Thursday at 2330hrs. There was an increase of 3.6 percent in May which was a lower value than the previous month increase of 5.7 percent. The positive data from Japan has been attributed to private consumption and the improved automobile sector which is getting support from the government. This data is expected to show a increase of 1.2 percent this for June.
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