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What’s next? – USDJPY 24.05.18

May 24 2018, 02:59 PM (+06) | Fortfs.com

The dollar was trading 0.62 percent lower vs the yen at 109.39 as of 07:30 GMT on Thursday, with market participants keeping an eye on the dollar following hawkish FOMC minutes.

 

The American currency quickly recovered from a slight pullback on Wednesday following President Donald Trump controversial remarks in relation to China and North Korea relations.

 

With the first nation, the President said he was not satisfied with the latest round of negotiations that took place in Washington last week.

 

Previously, investors digested positive remarks by the US Treasury Secretary about halting a trade war with China and the meaningful advances made in trade relations.

 

Trump’s blow weighed on the dollar on Wednesday morning, but the currency was able to hold a strong position in the market despite all that.

 

The US dollar index, which measures the greenback’s strength against a basket of six major competitors, was down 0.11 percent at 93.82 by the time of this writing.

 

In other news, 10-year US Treasury bond yields ahead of the release of FOMC May meeting minutes, which ended up being on a hawkish side:

 

“The staff projection for U.S. economic activity prepared for the May FOMC meeting continued to suggest that the economy was expanding at an above-trend pace.”

 

On the data front, the US manufacturing PMI for May came in line with expectations at 56.6, while the services PMI outperformed its forecast at 55.7. New home sales for April fell short from estimation at an annualized rate of 662,000 against 680,000 seen.

 

Ahead in today’s session, attention will be directed to the releases of initial jobless claims at 12:30 GMT and existing home sales at 14:30 GMT. As of 23:30 GMT, Tokyo’s CPI will become available.

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