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What’s next? – USDJPY 10.05.18

May 10 2018, 01:38 PM (+06) |

The dollar was trading 0.06 percent higher vs the Japanese yen at 109.81 as of 07:20 GMT on Thursday, as market players continued to digest Trump’s decision on Iran.


The US dollar index, which measures the greenback’s strength against a basket of six major competitors, was up 0.04 percent at 92.93 by the time of this writing.


On Tuesday, President Donald Trump announced his decision to pull out the US from the Iran nuclear deal, increasing demand for oil and adding uncertainty in the Middle East region.


“This was a horrible one-sided deal that should have never, ever been made,” Trump said on Tuesday, adding that “[the nuclear deal] didn’t bring calm, it didn’t bring peace, and it never will.”


On Wednesday, the US producer price index for April showed a 0.1 percent growth, below a forecasted reading of 0.2 percent and a previous month 0.3 percent.


Earlier today, China’s CPI came in at 1.8 percent year over year in April, below a 1.9 percent estimation. The producer price index came in line with an expectation of 3.4 percent.


Ahead in this session, the consumer price index for April will be out at 12:30 GMT, along with initial jobless claims. The Federal Budget Balance is next at 18:00 GMT.


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.


The pair is expected to trade calmly for the next few hours until traders get a sense at inflation data, which could certainly affect expectations for further interest rate moves.

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