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Forex Today: Kashkari strengthens dollar

Forex Today: Kashkari strengthens dollar

Fed member Kashkari's aggressive comments on rates and inflation helped the US dollar gain against other major currencies.

➡️ The US dollar continues to gain after strengthening in recent days. The bullish momentum was strengthened by the rather aggressive comments by FOMC member Kashkari. He said if rates needed to be kept unchanged for an extended period, or even increased, this would be done. He further said that the 2% inflation target will be achieved. The bullish momentum it has a reason to persist today, so it's something for day traders to think about.

➡️ I global stock markets are mostly slightly bearish in the last few hours, although most have posted gains in recent days.

➡️ The Japanese yen continues to sell off this week, following big gains made last week following two suspected interventions in its favor by the Bank of Japan. Currency crosses often rebound the following week against an unusually large move from the previous week, and this appears to work against the Yen. It might be wise to look for long trades on Yen crosses, Mostly in NZD/JPY And CHF/JPY .

➡️ In the Forex market , since Tokyo opened today, the strongest major currency has been the US dollar, and the weakest major currency has been the Japanese yen, focusing the USD/JPY currency pair.

➡️ Bank of Japan Governor Ueda made some comments, but mostly said that the Bank will not necessarily wait until it reaches its inflation target to start raising rates again. This is an aggressive signal at a time when the Yen is selling off.

➡️ Today is a public holiday in France.

 

Credit by DailyForex.com

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