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What’s next? – USDJPY 23.04.18

Apr 23 2018, 02:21 PM (+06) |

The dollar was trading 0.17 percent higher vs the Japanese yen at 107.80 as of 06:10 GMT on Monday, with the greenback taking a more solid position thanks to easing political concerns.


The US dollar index, which gauges the greenback against six major currencies, was trading 0.05 percent higher at 90.13 by the time of this writing.


No major news came out regarding the Syria conflict and political tension between the United States and Russia. Last week, a US-led coalition bombed at least six Syrian military facilities in response to a gas attack conducted by the local government against civils.


The lack of developments over the US-China commercial dispute also contributed to a better market sentiment, boosting demand for risky assets.


Market players were also cheered by more aggressive remarks by representatives of the Federal Open Market Committee on interest rates adjustments and monetary policy changes.


Cleveland Fed President Loretta Mester said Thursday that “if the economy evolves as I anticipate, further gradual increases in interest rates will be appropriate this year and next year”.


“Continued gradual reduction in monetary policy accommodation, given the economic outlook, will put monetary policy in a better position to address whatever risks, whether to the upside or to the downside, are ultimately realized,” she explained in a prepared speech before the University of Pittsburgh’s graduate school of business.


Ahead in the day, traders will keep an eye on the US manufacturing and services PMIs for April due for release as of 13:45 GMT. Existing home sales for March are up 14:00 GMT.


The pair is expected to remain above the 107.00 handle as long as the dollar continues to rally. A consolidation above 107.50 will open the doors to further growth, but the level still looks too weak to stop a downward correction, for example

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