The yen held near a 3 1/2-month high against the dollar and the euro on Tuesday, supported by diminishing expectations of stimulus by the Bank of Japan as well as falling U.S. and European bond yields.
The dollar traded at 101.54 yen, a day after falling to 101.10 yen, its lowest level since early February – briefly breaking below its 200-day moving average at 101.25 yen.
The chart break was a talking point among yen traders given the dollar has not held below that average except for brief forays in October-November last year. The dollar has largely been in a strong position since late 2012 when Japanese Prime Minister Shinzo Abe’s embarked on aggressive fiscal and monetary easing to revive growth.
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