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 fluctuates above 13-month minimum ahead of Fed verdict
On Wednesday, the American currency fluctuated above a 13-month minimum versus a basket of key currencies because market participants waited for the Fed’s policy statement for further clues on the timing of another monetary tightening.
The major US bank is generally expected to keep interest rates on hold at the two-day gathering to be concluded on Wednesday. Market participants will be watching for any signs on whether the bank might lift rates again in 2017, and when it will start paring its huge bond portfolio.
There’s some focus on the likelihood that the key US financial institution could drop a hint at September as the starting date for reducing the bank’s balance sheet. That’s what head of trading in Asia-Pacific for OANDA, Stephen Innes told in Singapore.
Versus the Japanese yen, the major American currency was intact sticking to 111.89 yen, holding revenues having soared 0.7% on Tuesday.
The common currency stood still at $1.1647.
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