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What’s next? – USDJPY 28.05.18

May 28 2018, 01:34 PM (+06) | Fortfs.com

The dollar was trading 0.20 percent higher vs the yen at 109.58 as of 07:10 GMT on Monday, as market participants digested improvements in the US-North Korea relation.

 

Trump tweeted on Sunday: “Our United States team has arrived in North Korea to make arrangements for the Summit between Kim Jong Un and myself.”

 

He added: “I truly believe North Korea has brilliant potential and will be a great economic and financial Nation one day. Kim Jong Un agrees with me on this. It will happen!”

 

The US dollar index, which measures the greenback’s strength against a basket of six major competitors, was down 0.32 percent at 93.83 by the time of this writing.

 

Last week, the dollar dropped following Trump’s decision to unexpectedly call off the meeting. However, efforts by South Korea and North Korea revived the initiative.

 

"Sadly, based on the tremendous anger and open hostility displayed in your most recent statement, I feel it is inappropriate, at this time, to have the long-planned meeting," Trump said.

 

No economic data is due on Monday. US markets will remain closed in observance of the Memorial Day holiday and therefore, attention will turn to the news front.

 

Ahead this week, traders will count on a fresh employment report by the US Labor Department on Friday, which is key data for the Federal Open Market Committee.

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