USD/JPY Surges to 104.40 after Upbeat U.S. Retail Sales Data

The yen and Australian dollar nursed heavy losses early on Wednesday, having suffered a swift turnaround in fortunes as a shakeout in long dollar positions came to an abrupt end following upbeat U.S. retail sales data.

Traders said the retail numbers helped offset Friday’s disappointingly soft payrolls and halted a two-day slide in U.S. Treasury yields. That in turn gave the greenback a shot in the arm.

The dollar rallied more than 1 percent against the yen to 104.29, pulling away from a near one-month trough of 102.85 plumbed Monday. It also scaled a four-year peak on its Canadian counterpart to C$1.0960.


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.