USDJPY +1.67%
The USD continues rallying across the Forex Major pairs; the Japanese yen tumbled during the trading sessions and lost significant ground to the dollar. USDJPY is on an eight-day winning streak and reached its highest level in 24 years.
The US released ISM Non-Manufacturing PMI earlier in the trading session, and the result came out at 56.9, a figure higher than what experts anticipated (55.1) and slightly higher than the previous month's figure, which was 56.7. This is the second consecutive monthly increase for the Service Industry; the US economic activity continues to be strong and suggests that the US is not in recession.
Later this week, The Fed chair Jerome Powell will give a speech that will provide market participants a good picture of the upcoming Interest rate decision later in the month; this could weaken the USD as Powell has reiterated that The Fed’s stance will continue to be hawkish to control inflationary pressures. An economic slowdown is expected in the US; however, strong market labor numbers have kept the economic activity afloat.
USD JPY Read More
The USD continues rallying across the Forex Major pairs; the Japanese yen tumbled during the trading sessions and lost significant ground to the dollar. USDJPY is on an eight-day winning streak and reached its highest level in 24 years.
The US released ISM Non-Manufacturing PMI earlier in the trading session, and the result came out at 56.9, a figure higher than what experts anticipated (55.1) and slightly higher than the previous month's figure, which was 56.7. This is the second consecutive monthly increase for the Service Industry; the US economic activity continues to be strong and suggests that the US is not in recession.
Later this week, The Fed chair Jerome Powell will give a speech that will provide market participants a good picture of the upcoming Interest rate decision later in the month; this could weaken the USD as Powell has reiterated that The Fed’s stance will continue to be hawkish to control inflationary pressures. An economic slowdown is expected in the US; however, strong market labor numbers have kept the economic activity afloat.
USD JPY Read More
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