{"id":91009,"date":"2016-06-08T06:09:22","date_gmt":"2016-06-08T10:09:22","guid":{"rendered":"http:\/\/countingpips.com\/?p=91009"},"modified":"2016-06-08T06:09:22","modified_gmt":"2016-06-08T10:09:22","slug":"oil-rises-above-50-yen-gains-after-japan-gdp-revised-upwards","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/06\/oil-rises-above-50-yen-gains-after-japan-gdp-revised-upwards\/","title":{"rendered":"Oil rises above $50; yen gains after Japan GDP revised upwards"},"content":{"rendered":"
June 8, 2016<\/div>
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Article by ForexTime<\/a><\/p>\n

The yen strengthened 0.5 per cent after the release of Japan\u2019s March quarter GDP growth which showed the economy grew at a 1.9 per cent annualized pace in Q1. This was in line with economists\u2019 expectations, but revised higher from the initial estimate of 1.7 per cent.<\/p>\n

USDJPY moved lower after the Japanese data to touch a low of 106.71 yen, which was close to Monday\u2019s one-month low of 106.35 yen.<\/p>\n

EURUSD was effectively unchanged at $1.1359, having closed the last two days virtually flat after a 2 percent surge on Friday\u2019s disappointing U.S. non-farm report.<\/p>\n

GBPUSD was steady at $1.4540 after having gained roughly 0.8 percent overnight as two polls gave a narrow lead to the \u201cRemain\u201d camp. The uncertainty over whether Britain will vote to remain in or leave the European Union at a referendum on June 23 will likely continue to sway the pound.<\/p>\n

AUDUSD traded around $0.7454, holding onto gains after surging more than 1 percent on Monday to a one-month high of $0.7478 after the Reserve Bank of Australia left rates unchanged.<\/p>

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In commodities, gold, which is sensitive to US interest rate expectations and has an inverse relationship with the US dollar, was up 0.3 per cent at $1,249.10 an ounce today.<\/p>\n

Oil prices held onto gains in Asian trading after solid gains overnight. Brent crude, the international benchmark, traded at $51.51 a barrel, while West Texas Intermediate, the US benchmark, traded at $50.55.<\/p>\n

Supply disruption due to unplanned outages in Nigeria and Canada helped shrink the global oil glut and consequently helped buoy oil prices. Meanwhile, a report from the Energy Information Administration on Tuesday showed US crude production fell by 250,000 barrels a day in May from April, the largest one-month decline in years.<\/p>\n

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\"Forex-Time-Logo\"Article by ForexTime<\/a><\/span><\/strong><\/p>\n

ForexTime Ltd (FXTM)<\/strong> is an award winning international online forex broker regulated by CySEC 185\/12 www.forextime.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Article by ForexTime The yen strengthened 0.5 per cent after the release of Japan\u2019s March quarter GDP growth which showed the economy grew at a 1.9 per cent annualized pace in Q1. This was in line with economists\u2019 expectations, but revised higher from the initial estimate of 1.7 per cent. USDJPY moved lower after the […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-91009","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/91009","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=91009"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/91009\/revisions"}],"predecessor-version":[{"id":91030,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/91009\/revisions\/91030"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=91009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=91009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=91009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}