And after all the anticipation and action yesterday, we’re pretty much back to the drawing board again. The dollar weakened initially after the US CPI report but rebounded strongly and continues to sit in a good spot. USD/JPY in particular is one to note as it is coming close to run up against key resistance at the 145.00 mark:
USD/JPY daily chart
The fact that Treasury yields continue to rise as the bond market pukes, continues to underpin the pair and so far we haven’t seen too much verbal intervention from Japanese officials this time around. Does that mean we have the green light to push a little higher again?
For today though, the pair is little changed and stuck in a rather narrow range of 25 pips. Most dollar pairs are also feeling that sense of boredom with EUR/USD also flattish at around 1.0985 within a 17 pips range on the day.
The lack of enthusiasm should carry over to Europe but just be wary that we do have some notable data releases later in the day. The US PPI and University of Michigan consumer sentiment survey are on the agenda and still could provide a little kick to markets before the weekend comes along.
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- Source: https://www.forexlive.com/news/dollar-keeps-steady-after-yesterdays-rebound-20230811/
