Midweek Market Review: Yen Strength Continues
|Yen strength has spilled over from last week, giving rise to trading opportunities this week, while mixed US CPI and Retail Sales data has also spurred price action. The better-than-expected inflation data has lifted hopes for four interest hikes by the fed in 2018, so the initial market reaction was bullish, however, a contraction in Retail Sales led to the USD parring its moves.
A firm Japanese currency has led to JPY-crosses declining to key support, with EUR/JPY briefly trading below 132.00, while GBP/JPY found support at the 148.00 handle. Elsewhere, despite positive CPI data for the US, the major pairs have benefitted from a weaker Dollar, as DXY was unable to hold above 90.00. In the cryptocurrency complex, Bitcoin broke above $9000, while Litecoin outperformed to make new monthly highs.
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