-
This is How Low USDJPY Can Go
The last 24 hours has been brutal for the US dollar. The greenback dropped to its lowest level since the beginning of the year against currencies like the Japanese Yen and Swiss Franc. While it took the participation of European traders to break the dollar down, it was only a matter of time before that would have happened after the Federal Reserve revealed how close they are to easing. There’s widespread support for not one but possibly two rate cuts this year. Considering that a large subset of traders were skeptical of even one quarter point cut, the Fed’s dramatic shift in forward guidance should have led to a ... (full story)