Greenback holds revenues ahead of data
On Monday, the US dollar maintained its weekend revenues against the Japanese yen during Asia trade.
The currency pair USD/JPY stood still, trading at ¥104.12 having reached ¥104.40 earlier in the session. The greenback traded at ¥104.16 late on Friday in New York.
The US dollar had sagged below ¥104.00 during mid-morning trade after positive American retail sales data for September on Friday spurred investors’ hopes for the Fed’s rate surge later this year. However, the American currency later ratcheted up, and hovered above the ¥104.00 level for the rest of the trading session notwithstanding a lack of fresh trading cues.
It feels like the greenback is demonstrating a sign to hit the bottom against the Japanese yen.
That’s a good bet that financial markets are predicting an upturn in the greenback against the Japanese yen, though market participants still require keeping eyes on potential political factors such as American presidential election campaign, which might steeply worsen the risk sentiment.