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Japanese Yen Gains on Risk Aversion; EURJPY Fell to 113.00. US Dollar Firm

Posted by Chris Advincula on Feb 22, 2017 7:00:02 AM

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The Japanese yen made broad gains against the dollar, euro and sterling. USDJPY fell from 113.60 to 112.95 (-65 pips), EURJPY fell from 119.67 to 118.57 (-110 pips) and GBPJPY fell from 142.00 to 140.60 (-140 pips) in Europe as of 11:30 GMT. The price action has been of risk-aversion as market participants favored the yen minimizing their exposure risk ahead of the FOMC minutes, while the dollar rose once again on sentiment and shortcovering.

The U.S. dollar regains its firm tone with the US dolalr index  higher to 101.68 from 101.26 in Europe erasing its decline from the prior Asian session following the slightly dovish remarks yesterday from the Federal Reserve President of Cleveland Loretta Mester who said that policy makers don't want to surprise the market on interest rates.

The market focus remains on the FOMC minutes scheduled to be released at 19:00 GMT today, with traders waiting to  hear for clues on the course of the next interest rate hike and upcoming Fed policies. There has been market chatter and speculation that the Fed may raise rates as early as March or April. 

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Topics: $USDJPY, US Dollar, Europe, Forex, Japanese Yen, GBPJPY, EURJPY

 

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