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Bank of Japan is turning every so slightly more hawkish, even though its officials are trying to downplay it. U.S. Administration's politics continues to weigh on the dollar, despite interest rate advantage against most major currencies. USD/JPY extended its decline, pausing at the 76.4% retracement of the Trump rally. If 105 - 105.5 area gives way, a quick fall to 101.5 - 102.5 is quite possible.
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U.S. dollar firmer
Correction in the dollar that gained pace after the recent dovish hike by the Fed appears to have stalled, despite signs that U.S. Administration will have tough time enacting some of its promised reforms.
U.S. dollar rose the most against euro and franc last week but recorded only modest gains compared to yen and antipodean dollars. Pound and Canadian dollar were holding its own, both finishing a tad higher.
In the week ahead, FOMC Meeting Minutes may reveal some detail behind the March's decis…
U.S. dollar rose the most against euro and franc last week but recorded only modest gains compared to yen and antipodean dollars. Pound and Canadian dollar were holding its own, both finishing a tad higher.
In the week ahead, FOMC Meeting Minutes may reveal some detail behind the March's decis…
U.S. dollar doesn't rally after a strong labour market report
U.S. labour market report came in strong with Nonfarm Payrolls at 227K vs. 175K expected. Unemployment Rate (4.8%) ticked up but again in tandem with Participation Rate (62.9%). Average Weekly Earnings (MoM) was the only soft spot, yet that was what the market used as an excuse to sell the dollar.
Cautious Fed and U.S Administration's stance on currencies are likely the main reasons why the bulls hesitated. USD/JPY is holding above 38.2% retracement of the Trump rally. A successful break would p…
Cautious Fed and U.S Administration's stance on currencies are likely the main reasons why the bulls hesitated. USD/JPY is holding above 38.2% retracement of the Trump rally. A successful break would p…