Thursday, 12 October 2017

What’s next? – USDJPY 12.10.17

Posted by Valentine at 11:57 Labels:

USDJPY

The dollar/yen was 0.15 percent lower as of 07:10 GMT on Thursday, trading at 112.30 as market participants prepared for fresh economic reports and FOMC speakers.

The US dollar index, which gauges the greenback against a basket of six major rivals, was trading at 92.68 by the time of this writing, 0.16 percent lower.

Earlier today, Japan’s Tertiary Industry Activity Index came in at -0.2 percent, compared to a 0.1 percent build seen and a previous reading of 0.1 percent.

The Tertiary Industry Index gauges changes in the total value of services acquired by businesses. It is an indicator used to measure economic health.

On Wednesday, attention was directed to minutes from the September meeting of the Federal Open Market Committee, which exposed policymakers are foreseeing economic expansion and a potential third rate hike later this year.

According to Fed funds tracked by CME Group’s FedWatch program, investors are pricing in a 81.7 percent chance of a 25 basis points interest rate hike by December.

The dollar remained under pressure as US President Donald Trump held a meeting with Secretary of Defense General James Mattis and the US military's top officer General Joseph Dunford to evaluate alternatives to respond to eventual threats by Pyongyang.

Earlier, reports showed that North Korea was preparing new long-range missile tests for the coming days, increasing uncertainty about Washington’s possible response.

Ahead in today’s session, traders will be paying attention to the release of September’s producer price index, initial jobless claims as of 12:30 GMT. The Federal Reserve will present its budget balance at 18:00 GMT.

Also, FOMC members Brainard and Powell are due to speak at 14:30 GMT.

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