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Forex Today: Japanese Yen Strengthens Again

Forex Today: Japanese Yen Strengthens Again

The Japanese yen is one of the strongest major currencies since markets opened this week.

➡️ Markets have had a quiet start to the week, which is likely to continue due to today's public holiday in the US. (Canada is also on vacation). The Japanese yen strengthened today despite its weakening over the past week. Japanese investors remain bullish on the currency and several financial institutions are as well, with many predicting that the USD/JPY currency pair will move towards a price below ¥140.

➡️ Deputy Governor Hauser of the Reserve Bank of Australia has said that Australian interest rates are unlikely to be cut for some time, despite the Fed starting to ease as Australian inflation is “firmer”. This is helping to keep the Australian dollar relatively strong.

➡️ In the Forex market, the euro was the strongest major currency since the Tokyo open today, while the New Zealand dollar was the weakest.The EUR/USD currency pair remains in focus as trend traders will still be interested in being long on this currency pair.

➡️ They and crude oil are lower, as most commodities look weak.

➡️ Stock markets are mixed.

➡️ Today is a national holiday in the United States and Canada.

 

Credit by DailyForex.com

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