How to trade the JPY?
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Greenback adds in Asia as US tax cuts eyed
On Wednesday, the major US currency leapt versus the Japanese yen with the focus on the probable unveiling of ambitious plans for American tax cuts later in the day.
The currency pair USD/JPY demonstrated 112.47, climbing 0.20%, AUD/USD lost 0.15% being worth 0.7874. Besides this, GBP/USD dived 0.12% showing 1.3443, and EUR/USD sagged 0.10% trading at 1.1781.
Estimating the greenback’s actual strength versus a trade-weighted basket of six crucial currencies, the US dollar index rallied 0.11% being worth 92.91.
Overnight, the greenback edged up versus a basket of key currencies because market participants were digesting Fed Chair Janet Yellen's comments reaffirming the major financial institution’s view that lifting interest rates gradually appears to be the most appropriate policy measure.
The currency pair EUR/USD went down as worries over the political fallout in Germany kept unrolling, putting pressure on the euro and pushing it to a one-month minimum.
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