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Fed helps BOJ remain on hold as USD/JPY edges lower

The drop in US yields and the dollar has clearly done the Bank of Japan a favour. It has taken intervention pressure off the Japanese central bank. The drop in US yields following the comments from the Fed boss last night has undermined the USD/JPY. The fact that the USD/JPY came pretty close to setting a new 30 year high above 151.95 on Monday, but could not manage it  (151.71 the high) was also a factor. The fall back below 151 seen yesterday delivered a close last night at 150.95. It has fallen back further today, as disappointment over the Fed decision and changed outlook, for no further interest rates this year, has sent the dollar down as low as 150.15 this morning. It is just now trading at 150.40

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