USD/JPY extends losses to levels near 142.00 after US GDP data
- US Q3 GDP has been revised down to a 4.9% year-on-year from 5.2%
- US Jobless claims increase by 205K, well below the 215K expected.
- USD/JPY extends its reversal to fresh intra-day lows at 142.10.
US Dollar has extended losses on Thursday, piercing the support area at 142.35 after the US Bureau of Economic Analysis confirmed that US economy grew at a slower-than-expected pace in Q3.
The final US Gross Domestic Product has shown a 4.9% increase from the same quarter last year, down from the 5.2% increase estimated in the preliminary readings.
At the same time, the Philadelphia Fed Manufacturing Survey revealed that the business conditions in the region to a -10.5 reading from -5.9% In November well below the -3 anticipated by market analysts.
These figures have offset the positive impact of the Initial Jobless claims figures, which grew by 205K in the week of December 5, from 203K in the previous week. These figures are well below the 215K expected and reflect the resilience of the US labor market.
Technical levels to watch