Yen fails attempt at appreciation

The Japanese Yen had a strong opportunity to reverse its long-term slide against the USD this week after the release of economic data, which indicated the Japanese economy is now expanding at an annualized rate of 4.8%. This is the fastest growth recorded by Japan in almost a decade, increasing the likelihood that the Central Bank of Japan will finally raise rates at its meeting next week, and induce an end in the carry trade, which has prevented the Yen from rising in accordance with what analysts believe are strong economic fundamentals. Unfortunately, the Yen largely failed to move against the USD, which means it will probably take more than a rate hike to drive the Yen out of its entrenched pit. FxStreet reports:

Read More: Dollar takes breather vs yen after sell-off