Midweek Market Review: Yen Strength Continues

Troy Scott SB Forex

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.

Author

Troy Scott

SB Forex

Troy is from a medical background and holds a Clinical Physiology degree. In 2013, he discovered his passion for forex and began trading independently.

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Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

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