The yen appreciated vis-Ã -vis the U.S. dollar today as the greenback tested bids around the Â¥94.85 level and was capped around the Â¥96.20 level. The yen motored higher despite the release of weaker-than-expected January € March gross domestic product data that saw a 4.0% q/q decline in economic activity, rendering a 15.2% annualized pullback. The contraction was at the fastest pace on record and was caused by a record drop in exports and weak domestic consumption. Additionally, data for the October € December period were downwardly revised to -3.8% q/q and an annualized -12.1%. The Nikkei 225 yesterday stock index climbed 0.59% to close at Â¥9,344.64. U.S. dollar offers are cited around the Â¥104.15 level. The euro moved higher vis-Ã -vis the yen as the single currency tested offers around the Â¥131.70 level and was supported around the Â¥129.70 level. The British pound moved higher vis-Ã -vis the yen as sterling tested offers around the Â¥149.80 level while the Swiss franc moved higher vis-Ã -vis the yen and tested offers around the Â¥87.00 figure. In Chinese news, the U.S. dollar depreciated vis-Ã -vis the Chinese yuan as the greenback closed at CNY 6.8215 in the over-the-counter market, down from CNY 6.8250.
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