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 stands still above one-week minimum
On Friday, the evergreen buck was intact against a basket of key currencies because focus shifted to American jobs data. Meanwhile, Donald Trump chose Fed Governor Jerome Powell to head the major US financial institution. The given decision didn’t appear to be unexpected for market participants.
On Thursday, Trump tapped Powell to lead the Fed, rejecting the second term for Janet Yellen, but nevertheless hinting at a continuation of her quite cautious monetary policy.
The US President’s decision turned to be in line with what traders had been actually expecting, and the US currency demonstrated quite limited reaction after the news.
The dollar index last kept to0 94.696, having grown from a one-week minimum of 94.411 hit on Thursday.
On Thursday, the evergreen buck had gone down after Republicans of the House of Representatives rolled out proposals to overhaul the tax code.
Against the Japanese yen, the greenback slid 0.1% being worth 113.94 yen, sliding below a 3-1/2 month maximum of 114.45 yen set last Friday. As for the common currency, it stood still at $1.1659.
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