Current trend In the middle of April the long-term downward trend was broken. and the American currency turned to upward movement against yen. The pair needed a little less than a month to overcome 600 points and consolidate on levels 114.00, 114.50. This rapid growth became possible due to devaluation of the Japanese currency caused by loss of investor demand. Overbought yen was activesly sold at the local maximum causing the pair to move upward, and investors continued to sell JPY in favor of European and US currencies. In the beginning of May an additional catalyst for the growth of the pair was comments by FOMC representatives on further winding up the economy stimulation program and increase of the key rate. At the same time positive data on the labor market supported dollar. On Wednesday the pair reached the local maximum since the middle of March – 114.35, and then moved to downward correction. Today a number of releases expected from the USA may give the pair dynamics. Namely these will be the data on retail sales and consumer price index.
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