Wednesday, 2 August 2017
What’s next? – USDJPY 02.08.17
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what’s next
USDJPY
The dollar/yen was up 0.41 percent as of 05:00 GMT on Wednesday to trade at 110.84 as mixed data and the ongoing political turmoil in the US continued to pressure the dollar.
Ahead in the session, traders will be looking at ADP employment change and remarks from FOMC members Mester and Williams in search for hints on the timing of the next Fed rate hike.
In early trading hours, the dollar showed a slight recovery from fifteen month lows as market participants focused on the upcoming Friday’s nonfarm payrolls.
According to Fed funds tracked by CME Group’s FedWatch tool, traders are currently pricing in around a 42.5 percent chance of a 25 basis points rate move by December.
The US dollar, which gauges the greenback against a basket of six major rivals, was trading at 93.039 by the time of this writing, up from its weakest point since May 2016.
The pair is currently affected by several factors, including Washington’s political turmoil, expectations for a third rate hike later this year, mixed economic data, among others.
Market analysts believe the dollar/yen is likely to continue moving sidelines until US jobs data unveils the development of a highly relevant labor market and sets the tone for next week.
The core PCE price index came in at 1.5 percent in June, above an forecasted 1.3 percent. Personal spending was aligned with analysts expectations of 0.1 percent. The ISM manufacturing PMI index for July fell to 56.3 from a previous reading of 57.8.
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