Forex trading resulted in the USD/JPY pair moving lower on March 10, as global market participants were impacted by lackluster economic data that undermined their sentiment.
This currency pair fell to as little as 102.94 during the day, according to Investing.com. Many global market participants flocked to the yen for its safe haven value, after government figures indicated that gross domestic product grew by less than expected in the final quarter of 2013.
The economy of Asia’s second-largest nation expanded at a rate of 0.7 percent year-over-year from the same period in 2012, which represented a downward revision from the 1.0 percent rate of expansion that was estimated previously, the media outlet reported.
In addition, it was revealed that in January, Japan’s current account deficit rose to a new record level, according to the news source. This country is not the only one in Asia that has run into problems lately, as figures have indicated that the trade balance in China recently fell into a deficit, after the exports sent out by the Asian nation fell 18.1 percent in February from the same month in 2013.
Investors flocked to the yen at a time when the Chinese figures helped to fuel their concerns about economic conditions, even as analysts noted that the data could have been impacted by seasonal factors, more specifically the Lunar New Year holiday, Reuters reported.
Forex trading could soon be impacted by the outcome of a Bank of Japan policy meeting that started on March 10, according to the news source. Many believe that the officials attending the event will not opt to make any changes to existing policy.
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