The Japanese yen is the center of attention in the currency market today after falling to its lowest rate against the US dollar in over 3 decades, prompting warnings from Japanese Finance Minister Suzuki that gave the yen some strength .
➡️ The main market news today is the weakness of the Japanese yen. When Japanese officials made it clear that monetary policy would remain “accommodative,” the yen fell against all major currencies, particularly the US dollar, while the USD/JPY currency pair rose to its highest price since 1990 just below ¥152. Japanese Finance Minister Suzuki then issued his usual warnings not to “rule out any steps” with a “high sense of urgency”. This took the USD/JPY pair from nearly ¥152 to ¥151.50. Trend traders will still be interested in be Long on the USD/JPY exchange rate and to be short on the Japanese yen in general.
➡️ The minor raw material, cocoa, continues to dominate the news as it rises again to new all-time highs with volatile gains: yesterday it rose by around 5% to reach $10,000 for the first time. The value of the superfood has nearly tripled in the last year alone, and many analysts suggest that supply-side shortages are at least partly responsible for the meteoric rise. Every year there is more and more demand for cocoa as it is coveted as a key ingredient for chocolate but also as a superfood in its own right. Trend traders they will be interested in the long side, even if with a such high volatility and net gains, it could collapse at any time, so trend traders must be careful to use a disciplined stop loss if they go long. In addition to cocoa futures, cocoa ETNs are available which may be more suitable for traders and retail investors.
➡️ Bitcoin is up again and trading above $70,000, not far from its recent record high of around $74,000, despite cryptocurrency funds seeing record outflows last week.
➡️ They continues to appear moderately bullish and it could test its recent all-time high in the next few days, although that is still far away. Trend traders will also be interested in the Long side. However, it seems to continue to be sold whenever it reaches $2200.
➡️ The previous publication of the data CPI (inflation) showed an unchanged annualized rate at 3.4%, when a slight increase was expected to 3.5%. The data barely affected the Australian dollar, but it did lift the Australian stock market as it is a accommodating little surprise .
➡️ Yesterday's release of US CB consumer confidence data was slightly worse than expected, suggesting that consumer demand is slowing, which could be good news for interest rates .
Credit by DailyForex.com
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