|Day's range||107.49 - 107.782|
|52-week range||101.2830 - 112.1860|
Risk sentiment will drive the USD/JPY this week as ties between the U.S. and China come under further strain.
The US dollar has gone back and forth during the week against the Japanese yen, ending the week on a somewhat positive note, but it a tight range overall.
The British pound rallied a bit during the week against the Japanese yen, reaching towards the ¥132 level before pulling back.
The British pound initially tried to bounce a bit to kick off the trading session on Friday, but then rolled over a bit to reach below the ¥131 level.
The U.S. dollar was in demand during early European trade Friday as simmering U.S.-China tensions flared up, prompting investors to seek the traditional safe haven. At 2:45 AM ET (0645 GMT), the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, stood at 99.627, up 0.2%, EUR/USD dropped 0.2% to 1.0925, while GBP/USD fell 0.2% to 1.2203. The latest source of Sino-U.S. disagreement came after Beijing moved to impose a new security law on Hong Kong after last year's pro-democracy unrest.
Retail sales figures will give the Pound and the Loonie direction, with the ECB minutes also in focus. Trump’s Twitter account could be the key driver, however.
You can see that we have had several long wicks form over the last couple of days, and we are currently slicing right through the 50 day EMA.
The British pound went back and forth during the trading session on Thursday as we continue to chop around just below the ¥132 level.
Private sector PMIs and U.S jobless claims put the EUR, the Pound, and the Greenback in the spotlight. Numbers out of Japan were not inspiring…
The U.S. dollar posted gains in early European trade Thursday, as investors digested the latest downbeat comments from the Federal Reserve, while Asian data offered no real recovery clues. At 2:45 AM ET (0645 GMT), the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, stood at 99.403, up 0.3%, EUR/USD dropped 0.1% to 1.0962, while USD/JPY rose 0.2% to 107.76. Earlier Thursday, a trade report from South Korea, a bellwether for global commerce, showed exports may be set to drop more than 20% in May for a second month.
The bulls continue to hold on. Many wonder, however, what it will take to deliver the correction that economic data and earnings suggest is on the cards…
The US dollar has pulled back a bit against the Japanese yen during trading on Wednesday, showing signs of weakness yet again. It is a simple continuation.
Investing.com - The U.S. dollar pushed higher in early European trade Wednesday amid doubts over a potential vaccine for the Covid-19 virus, but it’s been the euro which has shone the brightest as the Franco-German proposal for a common EU recovery fund gains traction.
It’s a busy day ahead. The FOMC minutes late in the day will draw plenty of attention as market optimism of an economic rebound lingers.
Quite frankly, the British pound has gotten a bit of a “free pass” over the last couple of days, but we are starting to reach significant resistance barriers.
Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin will testify before the Senate Banking Committee at 14:00 GMT on Tuesday.
It’s a busy day ahead on the economic calendar. There is also geopolitics to consider with over the course of the day.
The dollar was down on Tuesday morning in Asia after U.S. drugmaker Moderna (NASDAQ:MRNA) announced “positive” results for its potential COVID-19 vaccine on Monday. The U.S. Dollar Index that tracks the greenback against a basket of other currencies slid 0.01% to 99.672 by 12:14 AM ET (5:14 AM GMT). Meanwhile, U.S. Federal Reserve Chair Jerome Powell is scheduled to speak on the state of U.S. economic recovery from the virus on Tuesday, where he is expected to press for future fiscal support.
The British pound has rallied a bit during the trading session on Monday, reaching towards the ¥131 level to trying to wipe out the candlestick from Friday.
If there is going to be a source of volatility, it’s going to be U.S. Treasury traders pricing in the possibility of negative interest rates in early 2021.
At 2:40 AM ET (0645 GMT), the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, stood at 100.362, down 0.1%, having earlier Monday reached a three-week high. EUR/USD rose 0.1% to 1.0823.