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USD/JPY to its highs of the day above 112

Discussion in 'Forex Discussion' started by EdwinG, Sep 17, 2018.

  1. EdwinG

    EdwinG New Member

    USD/JPY defied fundamentals on Friday, hitting a 7-week high above 112. The greenback strengthened against all of the major currencies with euro leading the slide. Retail sales grew at its slowest pace in 6 months but the dollar rallied because every policymaker who spoke on Friday said more tightening beyond September is needed. Even FOMC voter and Fed President Brainard, who is traditionally a dove, suggested that the Fed could continue to raise rates beyond the long-term neutral rate. Evans, who is not a voting member of the FOMC, described the economy and labor market as very strong and suggested that 4 hikes for 2019 is still reasonable because he wouldn’t be surprised if inflation goes a little above 2%. Kaplan agreed that the U.S. consumer is strong see forex trading training online here!.

    Hawkish comments such as these drove 10-year Treasury yields above 3% on an intraday basis on Friday and this move took USD/JPY to its highs of the day above 112. The Federal Reserve is still expected to raise interest rates this month and that’s the only thing that matters. The trend is strong in USD/JPY and the pair could continue to rise but it will be vulnerable to the Bank of Japan’s outlook and trade headlines. No changes are expected but the BoJ has been actively engaged in stealth tapering and investors will be watching closely for any comments on these actions.
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