USD/JPY (current price: 101.40)
The Japanese Yen surged higher again yesterday compared to all of its major counterparts, and the weakness of the Dollar also pushed the pair lower. The bearish momentum is still strong this morning, as the pair gave back almost all of last week’s gains following the disappointing speech of Mr. Kuroda on Monday, and the negative ISM Manufacturing Index yesterday. The Index came in at 51.4, way below the expected reading, pointing to a weaker overall economic situation in the U.S.
Our assessment: USD/JPY remains the most active pair, as both currencies are pushed around by quickly changing interest rate speculation, ahead this month’s monetary policy meetings.
