The dollar is holding in a decent spot on the week but is marginally lower today against the likes of the euro and sterling. The ranges for the day are still relatively narrow, so I wouldn’t look much into that. Instead, the focus stays on USD/JPY as it trades to its highest levels in more than three decades.
The pair touched a high of 160.87 overnight but is dragged back down to 160.30 levels now as caution is up in the air. There were some verbal pushback by Japanese officials since yesterday but buyers are not that intimated for now. But there is definitely some trepidation as we look towards European trading.
Coming up in the session ahead, we’ll have M3 money supply data and Eurozone economic confidence to work through. These aren’t any major releases whatsoever. As such, the focus will stay on USD/JPY above before we get to US trading. Then, there will be the weekly jobless claims which could give traders something to work with.
0800 GMT – Eurozone May M3 money supply
0900 GMT – Eurozone June final consumer confidence
0900 GMT – Eurozone June economic, industrial, services confidence
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.