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USD/JPY tracking lower allows GBP/USD and EUR/USD off the hook
The fall earlier in the EUR/USD and the GBP/USD came as the USD/JPY pushed higher towards 156.75. Well, right now the USD/JPY is tracking lower again and that has allowed both the Pound and the Euro some breathing space versus the dollar. Hence, both are right now edging of their earlier lows. Perhaps the rather strange thing; the dollar is losing some traction, even as those US yields push higher. This could all be about what we might term the BOJ effect. The prospect of a rate hike tomorrow, although now mostly expected, may not of course be priced into the USD/JPY at the current levels. We will only really know if that is the case, when we get a corresponding reaction to any hike tomorrow morning. The USD/JPY is right now at 156.31
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