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What’s next? – USDJPY 11.07.17

11 July 2017 04:31 PM BDT
What’s next? – USDJPY 11.07.17

The dollar/yen was 0.25 percent higher as of 08:45 GMT on Tuesday to trade at 114.32, with market players looking ahead of a series of FOMC speakers later in the day. Federal Reserve Governor Lael Brainard is scheduled to speak as of 16:30 GMT. Minneapolis Fed President Neel Kashkari is set at 17:20 GMT. No relevant reports are expected in today’s trading session, but investors will actively monitor remarks from FOMC representatives, awaiting for fresh hints on the timing of the next rate hike. According to Fed funds gauged by CME Group’s FedWatch program, market players are pricing in a 50.9 percent probability a rate increase by December. The pair is extending gains on the back of a stronger greenback, boosted by the latest employment data from the Labor Department. The economy added 222,000 jobs in June, above expectations for a 179,000 jobs build. By the time of this writing, the US dollar index, was trading at 95.88, up by 0.10 percent. From a technical perspective, the pair will most likely continue on bullish bias. The 115 mark serves as an immediate resistance, while the 113 level could be seen as the floor. The USDJPY is expected to remain inside of a tight range until Fed Chairwoman Janet Yellen speaks on monetary policy on Wednesday and Thursday, as well as inflation data and retail sales are presented by the end of the week.  

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