|Day's range||111.84 - 112.24|
|52-week range||106.7760 - 114.5110|
Asian shares were mixed Thursday after U.S. stocks closed lower, giving back some of its gains a day after the S&P 500 and Nasdaq hit record highs.
The US Dollar Index touched the pinnacle near 97.85 levels on Euro plunge. EIA reported higher crude inventory data, dragging down the oil prices. The BoC decided to keep the interest rates unchanged. The Aussie pair stood on the back foot amid poor CPI figures.
The US dollar continue to grind sideways against the Japanese yen as we are essentially in a very tight consolidation area. However, if we can break out to the upside this could be a very interesting place to be involved.
The British pound went back and forth during the trading session on Wednesday, as we continue to try to find support just below. We are at a major area of support, so it would not be surprising at all to see some type of bounce from this region, but we also could see the trap door open.
The Dollar Index (DXY) found comfort near a yearly high above 97.70 today, after a raft of strong US earnings in the previous session boosted confidence over the health of the US economy.
Investing.com - The U.S. dollar inched higher against a basket of major currencies Wednesday on a slump in the euro. But gains in the greenback were limited somewhat as the Canadian dollar moved off lows after the Bank of Canada governor left the door open to future rate hikes
Maybe it’s the Easter break, or maybe it is the lack of a Brexit news dump, but, for the first time in 10 months, traders are now betting on the British pound — just.
The Dollar bulls will be looking for a first visit to 100 levels since 2017. While Trump may attempt to kill the rally, the stars are aligning…
Based on the early price action, the direction of the USD/JPY on Wednesday is likely to be determined by trader reaction to the downtrending Gann angle at 111.858.
Investing.com - The Australian dollar fell to near six-week lows on Wednesday in Asia after the release of inflation data that was softer than expected.
Along with the greenback upliftment, the primary rival (EUR/USD) which always benefits from a dollar plunge, dropped significantly. Crude WTI Futures traded at a new high near $66.60 per barrel elevating the commodity-linked CAD. USD/JPY lost 30 pips in a matter of a few minutes.
The US dollar initially fell during trading on Tuesday but did find a bit of a bit against the Japanese yen later in the day. By doing what it has done, it shows that there is significant buying underneath as we continue to press up against major resistance.
The British pound initially tried to rally during the trading session on Tuesday but has seen enough selling pressure to turn things back around and start reaching towards the ¥145 level. Just below though, there is a lot in the way of support.
With U.S. rates rising and Japanese rates being capped by Bank of Japan policy, the widening spread between U.S. Government bonds and Japanese Government bonds is also helping to make the U.S. Dollar a more attractive asset.
Investing.com - The dollar rose against a basket of major currencies Tuesday as new home sales surged to a 17-month high, suggesting resilience in the U.S. housing market after disappointing existing home sales numbers.
The US dollar did very little during trading on Monday as we await some type of catalyst to get moving. There are economic announcements later in the week that could get things rolling, so at this point it looks as if traders are content to simply sit around and wait for momentum to come back to the market.
The British pound drifted a little bit lower during the trading session on Monday to kick off the week, but we are sitting above a significant support and a couple of technical indicators as well. With that in mind it’s a bit difficult to put serious money to work in the short term.
The catalysts behind the movement of the Japanese Yen this week will be the Bank of Japan Outlook Report, Monetary Policy Statement and BOJ Press Conference. Traders expect the BOJ to leave policy unchanged, while warning that it may ease if necessary.
Investing.com - This week investors will be looking ahead to Friday’s data on U.S. first quarter growth, which is expected to show that the economy is stabilizing after a recent soft patch.
Since the main trend is up and based on the close at 111.936, the direction of the USD/JPY on Monday is likely to be determined by trader reaction to the nearest uptrending Gann angle at 111.718.
USD/JPY sustained near the 112 levels, staying apathetic over BoJ’s bond purchase cuts. The EUR/USD showed less reaction to the greenback weakness today. USD/RUB marks day’s high near 64.05 levels.
The US dollar has gone back and forth against the Japanese yen, reaching at the ¥112 level, which of course has been massive resistance. That being said, it looks as if we have work to do.