FXstreet.com (Barcelona) - Dollar has risen after the US 2Q GPD release against Yen to break 93.75 resistance level and test 93.90/94.00 tough zone in a 40 pips up movement. Currently the pair is trading around 93.80/90, posting 0.30% daily loses from opening price action.
USD/JPY continues, thus, with its recovery from intra-week low at 93.37 reached during today's Asian session.
U.S. Gross Domestic Product has contracted at a 1.0% pace in the second quarter, according to the second estimate released by the Commerce Department, which leaves previous estimations unrevised, against the expert's estimations of a 1.3% contraction.
According to the ecPulse.com analysis team, the U.S. economy will continue recovering, but slower than expected: The U.S. economy is still on the receiving end of this crisis, however signs of improvement continue to show over the outlook, which suggests that the economy will be able to return back to growth over the course of the third and fourth quarters of this year, however economic growth should remain subdued over the upcoming period, as conditions are still rather challenging. Rising unemployment, tightened credit conditions, and diminishing households' wealth continue to weigh down on economic growth in the world's largest economy, and accordingly the economy is still expected to continue its weakness, as the recovery process just started and it will take some time before the economy returns back to its long term growth potentials. The U.S. economy will continue recovering, however the recovery will be rather slow and gradual, as economic activity though improving recently yet it needs time, especially as unemployment is still elevated, unemployment is now standing at 9.4% and will probably continue to rise over the course of this year.