Tuesday, 8 May 2018
What’s next? – USDJPY 08.05.18
The dollar was trading 0.17 percent lower vs the Japanese yen at 108.91 as of 07:50 GMT on Tuesday, with market players awaiting Trump’s decision on Iran.
The US dollar index, which measures the greenback’s strength against a basket of six major competitors, was down 0.04 percent at 92.56 by the time of this writing.
On Monday, the dollar gave up some gains after reaching a fresh year high in the session and as no relevant data was on schedule.
President Donald Trump said his decision on the Iran nuclear deal will be announced today, increasing demand for safe-haven assets ahead of the decision.
“I will be announcing my decision on the Iran Deal tomorrow from the White House at 2:00pm.”
He added that “The US does not need John Kerry’s possibly illegal Shadow Diplomacy on the very badly negotiated Iran Deal. He was the one that created this MESS in the first place!
Despite the reversal, the currency remained strong and in demand as last week’s employment report did basically nothing to moderate expectations for further monetary adjustments.
The US Labor Department said the economy added 164,000 jobs in April, below analysts’ forecast for 189,000 jobs. Unemployment dropped to 3.9 percent, and average earnings rose 0.1 percent, also below expectations.
Fed funds tracked by CME Group’s FedWatch tool show that traders are weighing in a 100 percent chance of a rate hike in the June monetary policy meeting.
On the data front, Germany’s industrial production and trade balance for March are up at 06:00 GMT. The UK Halifax house price index is due for release at 07:30 GMT. Also, the EU Economic Forecasts will be presented at 09:00 GMT.
In the US, JOLTs job openings for March will be out at 14:00 GMT, followed by weekly crude inventory estimates by the American Petroleum Institute as of 20:30 GMT.
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