The dollar was firmer against most of its peers early on Tuesday, having posted its biggest one-day rally in over a month against the yen and notching up solid gains on its Australian counterpart.
Traders pointed to a variety of reasons including month-end and quarter-end flows that helped underpin the greenback. The dollar fetched 120.15 yen, well off Monday’s trough of 119.105. The bounce offered hope that its recent slide from a near eight-year peak of 122.04 to 118.33 might have run its course for now.
“The rally looks impressive, and given the general USD bid tone that has re-emerged it would be tempting to think that the only way is up now for USDJPY,” CitiFX analysts wrote in a note to clients.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015