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Short Covering Squeezes the Yen Higher
The US dollar is firmer against all the G10 currencies but the Japanese yen. Local reports and the price action are consistent with short covering of the previously sold yen positions ostensibly ahead of next week's BOJ and FOMC meetings. Still, the greenback is holding above last week's low, slightly below JPY155.40. The Antipodeans and Scandis have extended their recent sharp losses. The euro eased to a seven-day low, a little below $1.0865, while sterling is holding above $1.29. Most emerging market currencies are lower. Of note, the offshore yuan as edged higher with the onshore yuan remains soft. Asia Pacific ... (full story)
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- Jul 23, 2024 6:31am Jul 23, 2024 6:31am
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rashadali - Joined Jan 2016 | Status: Member | 730 Comments
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