Mid-week safe-haven yen flows close below 115.00 on Thursday JPY USDJPY $JPY $USDJPY
, though December's total was downgraded to -2.5% from -1.9%. The result temporarily removes one Fed’s greatest worries, that the decade low in consumer outlook will translate into a pull-back in the spending that is 70% of US economic activity. A sustained drop in US consumption would quickly make a Fed rate tightening campaign difficult or impossible
As long as the situation in the Ukraine is unresolved, and that promises to be for many weeks, the USD/JPY will be subject to these overriding influences. In the US, the first revision of fourth quarter GDP will be unremarkable. Durable Goods Orders for January should duplicate the better-than-expected Retail Sales numbers, but there will be no surprise and little market impact.
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