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 hits two-week maximum versus yen, backed by soaring American yields
On Thursday, the evergreen buck hit its highest value in nearly two weeks versus the Japanese yen, underpinned by this week's ascend in American bond yields, with the market's attention shifting to who’s going to head the Fed as well as this weekend's Japanese election.
Gauging the US currency’s strength versus a basket of six main rivals, the US dollar index slightly grew , showing 93.389.
The US currency grew to 113.095 yen during early Asian trade. That’s its strongest outcome since October 6.
This week's leap in American bond yields gave support to the greenback. Evidently, the two-year American Treasury yield grew to its highest value since November 2008 on the back of hopes for tighter global monetary policy.
On Wednesday, the benchmark American 10-year Treasury yield hit a one-week maximum of 2.352%, and it last traded at 2.342%, having ascended six basis points this week.
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