USDJPY 10 mins
The US dollar has battled back today as better economic data pushes back against the idea the economy is rapidly slowing. USD/JPY is still lower on the day — down 20 pips — but has rebounded to 146.05 from 145.64. It’s part of a broader bid in the US dollar since the PCE report today and other data showed a resilient economy.
In the bigger picture, the market is volatile at the moment as it struggles to get a grasp on the health of the US economy. Data earlier this week was soft and weighed heavily on USD. Today, Dollar General reported this on the economy:
“The macroeconomic environment is more challenging than the Company had previously anticipated, which the Company believes is having a significant impact on customers’ spending levels and behaviors”
The company warned that there have been negative comp sales in June, July and continuing into the first two weeks of August. They expect a continuation in that trend through year end.