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Monday, 30 October 2017

What’s next? – USDJPY 30.10.17

Posted by Anonymous at 09:59 Labels: what’s next

The dollar exchanged at 113.65 against the Japanese yen in early hours on Monday, with market players awaiting fresh economic data from the United States ahead in the session.

The US dollar index, which gauges the greenback against six major rivals, was trading at 94.70 by the time of this writing, adding 0.20 percent.

On Friday, the American currency moved higher, supported by a better-than-expected economic expansion in the third quarter. The Commerce Department said the US economy grew 3 percent year over year against a forecasted rate of 2.5 percent.

In other news, Michigan University said its consumer expectations and consumer sentiment indicators fell short of expectations at 90.5 and 100.7 points.

Another factor weighing on the dollar was speculation over President Donald Trump’s decision on who will replace current Fed Chairwoman Janet Yellen next February.

New reports pointed out on Friday at Fed Governor Jerome Powell as the prefered candidate to replace current Fed Chairwoman Janet Yellen.

Powell is considered to be a less hawkish economist than other candidates in the race, like Stanford University economist John Taylor.

According to Fed funds tracked by CME Group’s FedWatch tool, investors are currently pricing in more than a 90 percent chance of a rate hike by December.

But that is not the only relevant matter being under scrutiny in the first world’s economy. Trump’s tax reform is also on the watch as it could potentially build an environment of rising interest rate hikes and adjust in a faster way monetary policy.

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