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the USDJPY pair maintained its trading range around 139 yen
at the beginning of the week.
“At the beginning of the week, the USD/JPY pair maintained its trading range around 139 yen”
Market participants displayed a cautious approach in light of the imminent release of the US Consumer Price Index tomorrow and the upcoming Federal Open Market Committee (FOMC) meeting the day after. During the morning session, there was a slight bearish sentiment as the pair briefly dipped below 139.30 yen before swiftly recovering and eventually stabilizing within the 139 yen range.
Concurrently, the EUR/USD pair remained steady within the 1.07 range. The morning session demonstrated a lack of clear direction, characterized by a narrow trading range of 20 points. Similar to the USD/JPY pair, market participants eagerly awaited the release of the Consumer Price Index data and the upcoming FOMC meeting.
Speculation emerged due to concerns over potential further easing measures in China scheduled for this month, resulting in a depreciation of the Chinese yuan. The USD/CNY pair surged past its recent high, reaching 71,472 yuan per US dollar, marking the highest level since November.
Regarding the USD/TRY pair, Goldman Sachs unveiled a 40% probability of an interest rate hike during this month’s meeting. Anticipation of reduced intervention as part of financial policy normalization caused the pair to hit a new all-time low of 23.65 Turkish lira per US dollar during the morning session. However, subsequent corrective movements have since been observed.
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