29th August 2014
The yen has drifted lower versus the US dollar in forex trading markets today (August 29th), with demand for the Japanese currency easing after the publication of mixed economic data.
Official figures revealed household spending declined at an annual pace of 5.7 per cent in July. This follows a drop of three per cent in the previous month and the consensus estimate had been for a repeat of this result.
In addition, a preliminary report showed Japan's industrial production ticked just 0.2 per cent higher last month, defying expectations for a one per cent gain.
However, the country's retail sales increased by 0.5 per cent, above forecasts for a 0.1 per cent rise.
Demand for the dollar has been supported after the second estimate of the US second-quarter gross domestic product growth came in at 4.2 per cent. It had been thought the initial reading of four per cent would be revised down to 3.9 per cent.
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