How to trade the JPY?
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US dollar stabilizes after Fed minutes
On Thursday, the US currency stabilized versus its rivals after the Fed’s policy gathering minutes took the wind out of its advance. Financial markets were waiting for comments by major bankers and also American economic reports for further clues.
The US dollar index versus major currencies didn’t change, keeping to 96.275, having sunk from Wednesday’s one-week peak of 96.512.
The evergreen buck had ascended earlier in the week after positive American economic indicators brought Treasury yields to multi-week peaks. The soar actually helped the US dollar index to move away from a nine-month sag of 95.470 hit the previous week as traders increased expectations for EU key banks to start scaling back monetary stimulus later in 2017.
However, the greenback’s growth stalled due to the Fed's minutes on its June 13-14 policy gathering issued on Wednesday. It demonstrated a rift among policymakers over the pace of future American rate hikes and also upset some dollar bulls.
The greenback stuck to 113.240 yen, drifting away from a seven-week peak of 113.690 hit overnight.
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