US dollar strength continued into the new week, bringing the USD/JPY currency pair to a new 1-year high price below ¥152.
➡️ The US dollar is strong, as it was at the end of last week, and this has boosted the USD/JPY currency pair at a new 1-year high price below ¥152. The price is now just 120 pips away from the 33-year high, so if the price subsequently stabilizes above ¥152, it will be a very significant bullish breakout. USD/JPY will be very interesting for trend-following traders on the long side. In the Forex market, the strongest major currency since this week's open is the Australian dollar, while the Japanese yen is the weakest major currency.
➡️ Markets are awaiting the release of US consumer price index (inflation) data tomorrow, which are expected to show a decline from annualized rates of 3.7% to 3.3%.
➡️ Crude oil is in focus today as crude oil futures remain near recently recorded 3-month low prices, with slowing global demand and weak Chinese economic indicators seen as aiding the bearish mood here.
➡️ Bitcoin continues to retreat after reaching its highest price since May 2022, close to $37,000, a few days ago.
➡️ Stock markets are mostly down during today's Asian session.
➡️ Analysts expect the US Federal Reserve to begin cutting interest rates in early 2024. This could weaken the US dollar and stimulate US stock markets.
➡️ There is no data released today of major importance, and since it is also a Monday, it could be a relatively quiet day on the market today.
Credit by DailyForex.com