Forex
Forex Analysis
TradingKey - On Tuesday, the yen extended its strong rally, with USD/JPY briefly dipping to 152.89, hitting its lowest level since February. As of writing, the currency pair was down about 0.69% at 153.27. Since retreating from a high near 160 early last week, its cumulative decline has approached 4%, indicating that investors are trimming short yen and carry trade positions.
TradingKey - As of the European session on September 7, the US dollar traded weaker against the Japanese yen (USDJPY) below 155.50. Although the US August non-farm payrolls data released last week far exceeded expectations, briefly driving a rebound in the dollar, the yen's recent performance has remained strong. Rapidly rising expectations of a September rate hike by the Bank of Japan, coupled with market vigilance over potential foreign exchange intervention by the Japanese government, have caused USDJPY to pull back continuously from near 164 in late July, with its cumulative decline now approaching 5%.
TradingKey - As of the European session on August 3, USD/JPY was trading near 156.70, having dropped sharply to 155.20 during the session before recovering some of its losses. Last week, USD/JPY approached 164.00, hitting a high of approximately 40 years, but the exchange rate has since retreated fo
The GBP/USD pair struggles to capitalize on the previous day's strong move up to levels beyond the 1.3500 psychological mark, or a one-and-a-half-week high, and attracts some sellers during the Asian session on Tuesday.
The AUD/USD edges lower during the North American session, poised to remain sideways within key technical support and resistance levels, with the 20-day Simple Moving Average (SMA) at 0.7187 and the 50-day SMA at 0.7095. At the time of writing, the pair is trading around 0.7137, down 0.17%.
The Euro retreats by 0.14% during the North American session amid growing speculation that the US and Iran may reach a deal to end the conflict. The Greenback is recovering some ground, underpinned by Oil prices trimming some of its earlier losses.
