The Japanese Yen softened on Friday as BoJ’s Ueda faced questions in parliament.
The Yen is trading flat for the week, unable to hold on to gains against the Greenback.
The US Dollar Index extends recovery for a second day after Wednesday’s meltdown.
The Japanese Yen (JPY) trades flat for the week, posting a second day of losses against the US Dollar (USD) on Friday. The JPY is struggling against the Dollar during the latter part of the week, almost reversing the surge it registered on Wednesday against the US Dollar after the US Consumer Price Index (CPI) report showed inflation pressures are easing. Bank of Japan (BoJ) President Kazuo Ueda faced on Friday questions in the parliament on monetary policy and recent market events, but investors reacted rather tepidly as he didn’t provide any real market-moving comments.
Meanwhile, the DXY US Dollar Index – which gauges the value of the US Dollar against a basket of six foreign currencies – is trying to extend recovery from the steep decline it faced after the CPI data for April. However, there are not many reasons left for the Greenback to outperform. The interest rate differential could still provide some strength to the US Dollar, but the economic data is no longer really outperforming and inflation is back on track towards its disinflationary path.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
Hot
No comment on record. Start new comment.