Traders are anticipating the release of Japan’s retail sales data later this evening. The island economy witnessed a sharp downturn in sales, year-on-year, back in April, dropping over 8%. Each month since, the nation has halved this decline, with only a 4% decline in May and expectations for a 2% drop in June.
If the early morning data can meet or exceed this forecast, traders may see a silver lining in Japan’s currently bleak economic landscape. Given the sluggishness of the global manufacturing sector, however, many economists have expressed pessimism that Japan will meet the negative 2% target.
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Greg Holden is the Chief Market Analyst at ForexYard. Greg uses his detailed knowledge of fundamental and technical analysis to provide some of the leading market forecasts in the forex world today. A guest lecturer at forex symposiums and Chief Editor of ForexYard's analysis center, Greg brings highly detailed and easy-to-use market analyses to his clientele. He has been published on ForexYard's Trading Blog and affiliate websites. Greg holds degrees in Political Science and Economics from Missouri State University, as well as a Masters degree in Middle Eastern History.
