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Tuesday, 13 June 2017

What’s next? – USDJPY 13.06.17

Posted by Anonymous at 17:59 Labels: what’s next

USDJPY

The dollar/yen edged higher on Tuesday afternoon, recovering some positions from early hour losses. As of 13:20 the pair traded at 110.17, adding 0.22 percent.

The pair came under pressure in Asian hours as market players continued to run away from risky assets, as some high-impact events are still on the calendar.

In fact, all eyes right now are pointing at the two-day June monetary policy meeting of the Federal Open Market Committee. The US regulator is likely to raise interest rates by 25 basis points to a range between 1.00 and 1.25 percent. If so, it would become the second move in the year and expectations for a new hike would move to September.

As usually happens before central bank meetings, trading volumes are trending low, notably below average ahead of Fed Chairwoman Janet Yellen’s press conference. Investors are hoping to receive more information on the future plans for the economy and an update on forecasts.

The USDJPY ended Monday’s session at 109.928, taking a loss of 0.35 percent, with US equities plunging for a second-straight session due to the technology sector.

The data front remains thin, with no relevant reports on the Asian session nor on the American one, expect for the producers price index, which came in unchanged for May.

After the Fed meeting, attention will turn to the Bank of Japan policy gathering on Thursday. The bank is expected to keep rates steady, but the rhetoric will be under heavy scrutiny.

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