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What’s next? – USDJPY 14.03.18

Mar 14 2018, 01:24 PM (+06) |

The dollar was trading 0.02 percent lower vs the Japanese yen at 106.54 as of 06:10 GMT on Wednesday, with investors digesting inflation data while still awaiting fresh figures.


The American currency came under pressure as investors flew to safe-haven assets after the US Government announced that Secretary of State Rex Tillerson was fired on Tuesday.


The US dollar index, which measures the greenback against six major currencies, was trading 0.54 percent lower at 89.19 by the time of this writing.


US President Donald Trump said there were differences with Tillerson over the Iran nuclear deal. Tillerson will be replaced by the Central Intelligence Agency Director Mike Pompeo.


“When you look at the Iran deal, I think it's terrible. I guess he thought it was OK,” said the Republican leader. “I wanted to either break it or do something and he felt a little bit differently, so we were not really thinking the same.”


This is not the first political turmoil weighing on the Trump administration. Only a week ago, Trump’s top economic advisor Gary Cohn resigned following Trump’s decision to impose tariffs on steel and aluminium imports, with the exemption of Canada and Mexico.


Meanwhile, gains on the metal were capped by incoming inflation data in the United States. The consumer price index for February matched expectations for a 0.2 percent build. The core CPI also came at a month rate of 0.2 percent and a year-over-year reading of 1.8 percent.


According to Federal Reserve funds tracked by CME Group’s FedWatch tool showed expectations for a 25 basis points interest rate hike in March are currently at 88.8 percent.


Earlier today, Japan’s core machinery orders for January came in at an 8.2 percent growth rate on month and showed a 2.9 percent increase year-over-year, above forecasts.

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