Japanese Yen Loses Gains After Retail Sales Disappoint

The Japanese yen rallied intraday during the Thursday’s trading session but has lost its gains by now. Worse-than-expected domestic retail sales data was not helping the currency.

Japan’s retail sales rose 0.6% in May, year-on-year. That was a far slower pace of growth than 1.3% predicted by analysts and 1.5% registered in April. Month-on-month, sales dropped 1.7% — the biggest decline in 21 months.

USD/JPY was down from 110.25 to 109.97 intraday but bounced to 110.33 by 15:17 GMT today. EUR/JPY advanced from 127.35 to 127.76.

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