Yen should hover around 119 and try breaking it soon enough, now that the near term USD interest rate decline fear is gone and the stock markets in the US having done well yesterday.
On the hindsight, was it the Carry trade players who had been selling the USD everytime the US stocks were low?? washing their hands off the carry in a hurry and may I say..... in panic??
Anyways, back to today's forecast. Yen should hover in the 118.75 to 119.15 region mostly with a bias in favour of the greenback. Later in the evening, after the Japan close, I expect the yen to come to the 118.60 roundabout level and settle. Lets see. ...Its a fresh start for the USD, now after the FOMC yesterday.
New direction to the markets?
11 years ago
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