Tepid Export Data Weighs On Yen, JPYINR Weak After Gap Down Open

Published on Sep 20, 2023 12:33

The US dollar is holding near a 10 month high against Japanese Yen as a tepid overseas trade data from Japan weighed on the pair today. Japan recorded a merchandise trade deficit of 930.477 billion yen in August, the Ministry of Finance said on Wednesday. Exports were down 0.8% on year at 7.994 trillion yen, following the 0.3% fall in the previous month. Imports slumped an annual 17.8% to 8.924 trillion yen following the downwardly revised 13.6% contraction a month before. The US dollar is hovering around 105 mark this week, consolidating at a six month high and all eyes are now on the US Fed monetary policy meet due later on in global day. USDJPY is currently quoting at 148 mark, up marginally on the day. JPYINR futures are trading at 56.40, down 0.30% on the day. Overall range is tight for the counter after a gap down opening.