The Japanese yen is dipping after disappointing GDP data

The Japanese yen slid after some disappointing GDP data.

The yen was down by about 0.3% around 110.22 per US dollar around 8 a.m. ET after climbing as high as 109.44 in early action.

It retraced some of its losses, trading down by 0.2% at 110.02 per dollar at 8:52 a.m. ET.

The final reading showed that Japan’s GDP rose by 0.3% in the first quarter, below the preliminary reading of 0.5%.

Economists were expecting 0.6% growth, according to Bloomberg data.

“Revised data show that GDP growth was weaker last quarter than initially reported,” said Marcel Thieliant, senior Japan Economist at Capital Economics, in a note. “However, the early indications for the current quarter are positive and we reiterate our 2017 GDP forecast of +1.5%.”

“The Bank of Japan will almost certainly leave policy settings unchanged at the upcoming meeting,” he added in a separate note. “And with inflation set to fall short of its forecasts for the current fiscal year, there is little chance of policy tightening anytime soon.”

As for the rest of the world, there’s a lot going on Thursday. Here’s the scoreboard as of 9:07 a.m. ET:

  • The US dollar index is up 0.2% at 96.98 ahead former FBI Director James Comey’s testimony before the Senate Intelligence Committee. In his prepared remarks, which were released Wednesday, Comey said he told President Donald Trump that he was not under investigation and that Trump asked him for his loyalty. “There is much attention drawn to today’s hearing, and it will be televised live. It may make for good theatre, but it is unlikely to be the kind of thing that moves the capital markets,” argued Marc Chandler, global head of currency strategy at Brown Brothers Harriman.
  • The British pound is down 0.3% at 1.2925 against the dollar as the UK heads to the polls. The final polls showed Theresa May’s Conservative Party as holding a lead of 4 to 13 percentage points over Jeremy Corbyn’s Labour Party. Exit polls will be published at 5 p.m. ET, and the winner will be clear by 11 p.m. ET.
  • The euro is down by 0.3% at 1.1227 against the dollar after the European Central Bank kept policy on hold in June and effectively ruled out further rate cuts. Moreover, the euro area grew at a 0.6% clip in the first quarter, ahead of the advanced reading of 0.5%.
  • The Russian ruble is up by 0.2% at 56.9680 per dollar, while Brent crude oil, the international benchmark, is down by 0.7% at $US47.71 per barrel.

See the latest EUR-USD movements here.

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