Source: ForexYard
The US dollar came off of a recent 2 ½ year high against the Japanese yen during overnight trading, although analysts were quick to warn that the overall trend for the greenback was still bullish, and gains were likely to be seen in the coming days. The USD/JPY, currently trading at 87.68, has fallen more than 60 pips since markets opened for the week.
Last night, higher-yielding assets in general gave up some of their gains from Friday when a positive US jobs report encouraged risk taking among investors. The EUR/USD fell just over 50 pips, while the price of crude oil dropped by around $0.40 a barrel.
Main News for Today
While no significant news events scheduled for today, traders will still want to pay attention to any developments in the talks between US lawmakers to raise the nation’s borrowing limit. With the federal government forecasted to run out of money in the next two months, an agreement will need to be reached in the very near future so more money can be borrowed. Riskier currencies could see a boost if there is any progress in the talks.
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