Forex Today 06/01: Yen Weakens
(MENAFN- Daily Forex) The governor of the bank of Japan has made it clear that any rate hikes will be data-dependent, sending the Japanese Yen lower during today's Tokyo session.
The USD/JPY currency pair
rose since this week's open, with the Yen weakened by comments by Governor Ueda of the Bank of Japan to the effect that the Bank will want to see wage increases before it feels able to raise interest rates again. This is seen as a slightly dovish tilt. The USD/JPY is in a clear long-term bullish trend.
Asian currencies are mostly very weak against the US Dollar, evidenced by the Bloomberg Asia Dollar Index trading at a new 20-year low price.
President-Elect Trump's plans for additional tariffs on Chinese imports is seen as likely to drive
the AUD/USD currency pair
lower, with bears looking to target the big round number at $0.6000.
In the Forex market, since today's Tokyo open, the strongest currency has been the Canadian Dollar while the weakest currency has been the Swiss Franc. The US Dollar is in a strong bullish trend, and it traded at a fresh 2-year high price last week. The
EUR/USD currency pair
and the USD/JPY currency pair remain within valid long-term trends, with the USD/JPY currency pair advancing so far today. Trend traders will be interested to be short and long of these currency pairs, respectively.
The US 10-Year Treasury Yield is near a multi-month high and will attract interest from trend traders on the long side. Some CFD brokers offer this to traders, and micro futures are available on the CME.
There will be a release of German Preliminary CPI (inflation) data today. It is expected to show a month-on-month increase of 0.3%.
It is a public holiday today in Italy.
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