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 drifts away from minimums, while still wobbly as hawkish key banks help peers
On Monday, the evergreen dollar drifted away from a nine-month minimum versus a basket of major currencies, though remained quite shaky as signs that major banks in the EU were moving away from accommodative monetary policies kept the common currency and sterling backed.
The dollar index versus a group of six crucial currencies surged 0.1%, showing 95.729, crawling away from a nine-month dip of 95.470 hit on Friday.
The US dollar struggled the previous week because hawkish comments from key bankers powered hopes that the ECB, BoE and Bank of Canada would get down to tighter monetary policies.
The greenback gained 0.1%, trading at 112.435 yen, having dipped to 111.900 earlier before rapidly rebounding.
The currency market is currently paying more attention to monetary policy changes in the EU and other regions. The fact that the BoE and BOC are rushing to stabilize their monetary policies turned to be a big surprise the previous week.
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