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Yen slows down U. S. dollar rally

Mohamed Abdelhamid 1 October, 2021 12:22 am Forex Market, Market Update

The Japanese yen has reaped gains and versed directions on Thursday. The USD/JPY is trading currently at 111.48, down 0.41% during the day’s trading session.
The yen previously experienced six successive losing sessions and dropped about 2 percent. On Wednesday, USD/JPY was above the 112 line for the first time since February.
The U. S. dollar has retreated slightly, Thursday, but there seems to be plenty of room for the dollar to continue its upswing.
The yen didn’t get any help from weak Japanese data on Thursday. Japanese Retail Sales declined by 3.2% in August (YoY), after a 2.4% gain in July.
Industrial Production also fell by 3.2% in August (MoM). Covid related health restrictions have dampened retail sales, while supply chain related problems have caused semiconductor shortages and hampered industrial production.

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